UK businesses optimistic over investment opportunities in Shanghai

LONDON -- Shanghai provides important trading and collaboration opportunities, representatives from business associations and enterprises in the United Kingdom said during an event held here on Tuesday to promote investment in the Chinese economic hub.

"This sort of event is a great opportunity for businesses to put China, especially Shanghai, back onto their radar ... as a trade and investment destination," said Andrew Seaton, chief executive at the China-Britain Business Council.

British companies have a "very strong sense of commitment" to the Chinese market, to their presence and investment in China, Seaton said.

At the event, Invest Shanghai, a governmental platform offering services to facilitate foreign investment in Shanghai, and the CBBC signed a memorandum of cooperation, while Shanghai's Jiading District government and Johnson Matthey (Shanghai) Chemicals Ltd signed an investment intention agreement.

Delegates from Shanghai also gave presentations to showcase the city's development and business environment.

"Shanghai is a window for exchanges between China and the UK, a great way for British companies to enter the Chinese market, and also a bridge house for Chinese enterprises to venture into the British market," said Xie Dong, vice mayor of Shanghai.

According to Xie, by the end of 2022, the UK's cumulative investment in Shanghai had been over $3.8 billion while Shanghai enterprises had invested more than $4.7 billion in the UK.

"By joining forces, we can create a powerful synergy that opens doors to countless possibilities," said Neil Bridgen from London & Partners, which is the Mayor of London's official promotional company and responsible for promoting London internationally.

Shanghai and London can "drive innovation, accelerate business growth and foster cultural exchanges" through cooperation, he added.

The event was part of an overseas promotion campaign featuring investment in Shanghai.