MNCs eye greater development opportunities in Pudong

Pudong is currently home to over 40,000 foreign-invested enterprises. [Photo provided to english.pudong.gov.cn]

Pudong is currently home to over 40,000 foreign-invested enterprises, more than 450 multinational corporate headquarters, and 264 foreign-funded research and development (R&D) centers, all contributing to the economic and social development of Pudong.

An event on the sustainable development of foreign investment in Pudong was recently held at the Shanghai International Convention Center. Dignitaries from various sectors and representatives of foreign-invested enterprises gathered to provide suggestions and advice on how to strengthen Pudong's headquarters economy, aiming for high-quality and sustainable development.

Michael Bi, EY Greater China Markets Managing Partner, said that Pudong is the most forward-thinking, enduring, and consistent long-distance running partner for EY. He said that Pudong has an extremely forward-looking strategic layout and industrial planning, giving birth to numerous "firsts," which demonstrate Pudong's outstanding grasp of the market's pulse. In addition, Pudong is committed to the sustainable development of the business environment, supporting the long-term development of enterprises.

With the support of favorable policies in the China Shanghai Pilot Free Trade Zone, EY has continuously expanded its business lines, established its first innovation center in China, and registered and operated the wholly-owned training institution EY Academy.

"We even found, almost inadvertently, that we achieved the strategic development goals we set when we settled in Pudong two years ahead of schedule in 2010. We are also full of confidence that we can move onto the next stage of high-quality development," said Bi.

In 2020, Covestro upgraded its management-type regional headquarters located in Pudong to a comprehensive regional headquarters integrating investment, management, operation, and R&D, becoming the first multinational company division global headquarters to be recognized by the Shanghai municipal government. Since then, Covestro has continuously expanded the functions and business scope of its regional headquarters.

"It's rare for a company to have so many different functions, and I am very proud to be a part of Pudong," said Holly Lei, China president of German chemicals company Covestro.