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August 12, 2015

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Home » Business » Finance

Foreign firms ‘helping drive innovation’

By Wang Yanlin | August 12, 2015, Wednesday | Print Edition

FOREIGN companies have a key role to play in the development of Shanghai as an international center for science and innovation, a senior industry official said yesterday.

“Shanghai has long been home to many quality foreign companies ... we should treasure such a tradition and make the best use of it to promote Shanghai’s growth,” said Zhu Wenbin, vice chairman of the Shanghai Association of Enterprises with Foreign Investment.

Zhu was speaking during an interview arranged as part of the promotions for a new award scheme launched in June by Shanghai Daily and online news provider Eastday.com. The interview was broadcast live on Eastday.com.

The “Innovation and Development: Multinational Companies in Shanghai” scheme was set up to recognize the achievements of MNCs that have played a key role in the promotion of innovation in the city.

It is sponsored by the Shanghai Information Office and the Shanghai Commission of Commerce.

Forty companies will be honored at an awards ceremony in October for their contributions to such areas as local cooperation, talent development and corporate social responsibility.

More than 500 MNCs have their regional headquarters in Shanghai, Zhu said.

“Foreign investment is an engine of growth. Chinese companies ... should learn from foreign firms to enhance their ability to innovate,” he said.

The award scheme is open to companies whose “innovative practices are in line with the city’s economic and social development plans,” the organizers said earlier. The winners will be decided by an expert panel and a public vote.

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