Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

Shanghai opens door further for investors

Shanghai opens door further for investors

Shanghai further consolidated its role as a major hub for global industry leaders after the municipal government inked agreements for 60 new foreign-invested projects worth $7.3 billion on Friday.
Nine of these projects are investments by Fortune 500 companies. About 20 projects saw investment value of over $100 million each, covering industries like integrated circuits, artificial intelligence, biomedicine, automotive, finance, information technology, culture, entertainment and healthcare.

The world's largest publicly traded property and casualty insurance company Chubb reached an agreement on Friday to set up the insurer's China headquarters in the city.

Kevin Bogardus, general manager of Chubb Insurance Co Ltd, said that Shanghai's goal of building itself into a world innovation center has provided opportunities for Chubb to develop its life science risk control services in the city. The development of fintech in Shanghai has led to the blockchain application standard for insurers which Chubb jointly launched with Shanghai Insurance Exchange in late December, which is the first blockchain application standard introduced in the Chinese financial sector.

"Apart from its industrial competitiveness, Shanghai has seen the spillover effect of the financial sector radiating to a larger area, which points to much room for development for us. We will continue to seek more opportunities in the city, which provides top-notch business environment," said Bogardus.

On the first workday of 2020, the municipal government of Shanghai released 32 detailed policies to further facilitate investment and a revised plan to better its business environment in the hope of attracting more foreign capital.

In 2019, Shanghai attracted about 6,800 new foreign-invested projects, up 21.5 percent from a year earlier. The amount of contractual foreign capital increased 7.1 percent year-on-year to top over $50.2 billion.

Also present at the signing ceremony on Friday was Watergen, an Israel-based company that provides renewable sources of clean drinking water. According to Ivan Melnikov, the company's chief representative in China, Watergen has signed an agreement with Shanghai municipal government to set up its regional management headquarters in Shanghai this year.

But the regional headquarters is just a short-term target, said Melnikov. The company also plans to set up a production facility in the Yangtze River Delta region this year, with an investment of around 200 million yuan ($29 million). Meanwhile, a small research and development center is also expected to be set up in Shanghai this year.

"We expect to meet all these targets before the third China International Import Expo in November. It is our goal to build a complete sales and distribution network in the country by that time," he said.

Corteva Agriscience, the US agricultural chemical and seed company which was spun off from DowDuPont in June last year, has decided to set up its regional headquarters in Shanghai to look after business and investment in the Chinese mainland, Hong Kong and Macao. Life sciences, digitalized policies and technology will be the focus of the regional headquarters in Shanghai, said Alec Zheng, marketing and strategy vice-president of Corteva Greater China.

"The large number of technology startups and sufficient talent supply in Shanghai makes it the ideal place to introduce our digital agriculture know-how into China," he said.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×