Foreign investors confident about Shanghai FTZ

A total of 54 investment projects worth more than $8 billion are signed at a ceremony in Shanghai July 22. [Photo/Sipa]

A total of 54 investment projects worth more than $8 billion in value were signed at a ceremony in Shanghai July 22, which gathered representatives of global enterprises and government officials, including Shanghai Mayor Gong Zheng.

Among the projects, 15 were related to "new infrastructure" construction, artificial intelligence (AI), biological medicine and integrated circuits (IC), 10 have an investment of more than $100 million, and three key projects will be settled in the Waigaoqiao bonded area of the China (Shanghai) Pilot Free Trade Zone (FTZ).

Danfoss Group is a global leader in providing green solutions for climate, energy, food and infrastructure. It established a branch company in Pudong in 2001 with registered capital of $3.65 million.

German industrial conglomerate Siemens injected an additional 3.8 billion yuan ($542.26 million) into its branch company in the Waigaoqiao bonded area, taking its total registered capital to 4.1 billion yuan.

Statistics show that in the first half of 2020, the total import and export value of the Waigaoqiao bonded area stood at 504.14 billion yuan, up 4.2 percent year-on-year. The amount of paid-in foreign investment in the area was $1.26 billion, growing by 24.6 percent year-on-year, and its fixed-asset investment reached 1.31 billion yuan, showing that foreign investors still have full confidence in investing in the FTZ.