Shanghai gives awards to top foreign-invested companies
Foreign-invested companies developing in Shanghai for over three decades and individuals making long-term contributions to the foreign investment sector receive awards at a conference Nov 20. [Photo/saefi.org.cn]
Shanghai held a conference Nov 20 to give awards to foreign-invested companies that have been developing in the city for over three decades, and to individuals making long-term contributions to the foreign investment sector.
Shanghai Cabot Chemical Co, a joint venture of US-based specialty chemicals and performance materials company Cabot Corp and Shanghai Coking and Chemical Corp, was one of the winners. Established in 1988, the company was the first foreign-invested chemical company in Shanghai.
Over the past three decades, Cabot has invested $700 million in China, and its revenue there has amounted to 4.5 billion yuan ($652 million) so far this year, accounting for 20 percent of its global business and exceeding revenue from its US market.
"Any country and any multinational cannot ignore a market with a population of 1.4 billion people, and we have strong confidence in the Chinese market," said Zhu Ji, vice-president of Cabot Chemical Co.
Zhu also announced that the company had renewed its cooperation deal with Shanghai Coking and Chemical Corp for another 20 years.
Zeng Xiwen, vice-president of Unilever North Asia, also one of the winners, said he considered that Shanghai's advantage in having many high-profile personnel satisfies enterprises' needs for talents and ensures the good quality of products made by local factories and increases clients' trust.
He also said that China has now taken the lead in new retailing and mobile payment technologies, and the export of professionals in those fields helps enhance Unilever's overall innovation capacity.
Zhu and Zeng were also bullish on Shanghai because of the city's leading role in the national strategy of economic integration of the Yangtze River Delta region.
Lists of the top foreign-invested enterprises in Shanghai are released at a conference Nov 20. [Photo/eastday.com]