A batch of multinational firms recognized for their contributions to Shanghai

Shanghai awarded certificates to multinational regional offices, foreign-funded R&D centers and global investment promotion partners on Friday.

Thirty foreign enterprises obtained official credit from Shanghai Mayor Gong Zheng for their China or Asia-Pacific headquarters, while 10 established R&D facilities in the city.

The city now recognizes the 40th batch of multinational regional headquarters and R&D centers, as well as the second batch of worldwide investment partners.

Oishi (Shanghai) Co, a subsidiary of Liwayway Holdings, a well-known Philippine snack food company, and Delonghi Appliances (Shanghai) Co, a major home appliance brand from Italy, were among the recipients of certificates. These companies, among others, were recognized for their important contributions to Shanghai's economic development and innovation.

Priority industries

More than half of the 40 MNCs and R&D centers honored at the ceremony on Friday are from Shanghai's priority industries, which include electronics and information technology, biopharmaceuticals, high-end equipment, fashion and consumer products, and new energy. These companies are industry leaders, generating innovation and growth in their respective industries.

The list also includes four Fortune 500 businesses with Shanghai as their China headquarters. Among them are Costco, Veolia, Tesla, and GE Energy, a large energy company.

Gift Arpaporn Samabhandhu, President of Kenvue China, a worldwide pharmaceutical firm, emphasized their long-standing partnership with Shanghai. "Our connection with Shanghai spans over 30 years.

Shanghai and the Chinese market have grown quickly, and we've benefited from the vibrant business environment. This is why, when it came to choosing a place for their China headquarters, Shanghai was an obvious first choice."

Moving forward, the company intends to upgrade its local supply chain and develop an over-the-counter (OTC) medicine production hub in Shanghai for the Asia-Pacific area.

"Once the new production line is operational, our annual capacity is expected to double from the current 1 billion tablets to 2 billion tablets," Samabhandhu said.

Zong Yanping, managing director of Delonghi's China headquarters, said that the company is expanding its activities in China.

"We choose Shanghai for launching new coffee machine goods. Currently, we introduce practically all of our new machines in China first," Zong noted.

"Despite severe domestic market competition, the market's huge size continues to drive revenue growth for the organization. The company has already formed alliances with coffee bean suppliers in Yunnan Province and released a line of co-branded products."

Last month, the city announced a series of incentive measures to assist international companies in establishing and expanding their regional headquarters, including improvements in R&D and innovation functions, treasury management functions and capabilities, and additional new functions, as well as assistance in developing new trade models, expanding investment, and providing immigration services for international employees.

According to a government report, Shanghai has acknowledged 60 new multinational business headquarters and 30 new foreign-invested R&D centers in the past year. By February, the city had 1,027 headquarters and 597 R&D centers.