A fruitful day concludes at IBLAC meeting

More than two dozens executives from leading multinationals exchanged ideas and put forward advice for Shanghai to charter a new development path at the 36th International Business Leaders' Advisory Council for the Mayor of Shanghai (IBLAC) held at the Grand Halls in the city's North Bund area.

Under the main theme "Leading Paradigm Transformation, Expanding Opening-up and Cooperation, Advancing Shanghai's International Sci-tech Innovation Center Initiative in the New Era," suggestions were brought to the city's top officials to better leverage input from external partners and spearhead its transformation into an international sci-tech innovation hub.

Three discussion panels focused on: "Seizing the Opportunities Arising from a Paradigm Shift in Science and Technology Innovation," "Fostering Openness and Collaboration in Science and Technology Innovation" and "Building a World-class Innovation Ecosystem."

Pushan Dutt, professor of Economics at INSEAD, discussed innovation challenges for different countries.

"Population determines whether a country has more output, which is not always a decisive factor," Professor Dutt said. "Improvement of productivity determines whether a country can develop better in the long run."

Carsten Fink, chief economist of World Intellectual Property Organization, gave a video speech and praised the fast steps China has taken in technology advancement.

"Innovation is a corner stone of development, and no other country has a faster technological growth than China," Mr Fink said.

Dominic Barton, chairman of Rio Tinto, also noted that Shanghai has done well in the construction of innovation ecosystems. One of the pivotal topics is to appeal to desired companies to carry out research activities in the city. The breadth and depth of investment is also crucial to foster future-facing industries.

New members were eager to share their excitement at attending the meeting.

Bj?rn Gulden, chief executive officer of adidas, said he was honored to be present at the meeting and contribute ideas in the area of sports and innovation.

"This represents another step in being involved in one of the most important cities in the world," he said.

As the first sports company to attend the meeting, it made the suggestion for Shanghai to set up a unified alliance with stakeholders in public administration, technology, sports and academia to focus on how technology will transform the sports industry.

It could help actively promote the creative transformation and innovative development of Chinese traditional sports culture by integrating it with international sports concepts.

"We are very open to bring new ideas and listen to others' thinking and try to find ways making Shanghai an even a better sports city," he said.

Innovation in the medical and health-care field is also a hot topic.

Gary Guthart, CEO and member of the board of directors at Intuitive Surgical, said Shanghai has a forward looking vision and has been willing to introduce latest technologies.

Intuitive Fosun, its joint venture with Fosun Pharma, officially unveiled the headquarters and industrialization base in Shanghai's Zhangjiang International Medical Park earlier this year.

Thanks to the favorable business environment, it has achieved major growth in local businesses, and it also aims to continue working with physicians, hospitals and decisionmakers to introduce new technologies.

Abbott Chairman and CEO Robert Ford pointed out that more innovation is needed in medical products to deal with the aging population and increasing health-care challenges. Shanghai should be an engine of that innovation.

He called for the regulators, hospitals, and companies to work together and come up with a solution to strike a good balance between innovation and affordability.

Abbott is looking forward to working with the city government to further build that ecosystem, Ford said.

Orit Gadiesh, chairman of Bain and Co, said technological innovations are fundamentally changing how people live and work by merging the physical, digital, and biological worlds. Cities have a key role to play to support these changes.

She said it's critical for Shanghai to invest and lead in the foundational technologies such as GenAI and Quantum Computing which are essential to their successful development.