113 of Top 500 find home in SZ
THE number of top 500 global companies in Shenzhen has risen to 113 with the newest arrivals setting up shop here being UBS (Switzerland), Toyota Tsusho (Japan) and Bertelsman (Germany).
Shenzhen investment by these three newcomers will total US$73.1 million in 2005, of which US$12.08 million is UBS money to set up a funds management company.
According to records held by the municipal trade and industrial bureau, the Toyota Tsusho business is in auto accessories and spare parts retail and after-market maintenance, while Bertelsman is in multimedia technology — developing, processing and manufacturing multimedia software products.
Of the 113 global companies, 85 had established a total of 194 factories with their investment totaling US$6.165 billion while 27 had invested in financial institutions, insurance and back-office ops, said the bureau.
With China’s further opening of a dozen of industries to foreign investors, including insurance and retail, Shenzhen government has stepped up its efforts to encourage more service trade in the city, with key proposals including making Shenzhen a center for insurance over the next five years, and a series of preferential policies to attract international finance giants.
Gene Kelly <singin’ in the rain>