(Yicai) July 14 -- Fifty-six contracts for foreign investment projects worth a total of around USD3.7 billion were penned during a centralized event in Shanghai, 33 of which were on-site signings.

A ceremony for the centralized signing of foreign investment projects and a certification ceremony for multinational corporations’ headquarters and research and development centers were held in Shanghai on July 11.

In addition to signing the 56 foreign investment projects, the event also witnessed the certification of the 41st batch of multinationals’ regional HQs and foreign-funded R&D centers in Shanghai, with 30 new HQs and 15 new R&D centers approved in the city.

The new regional HQs of multinational companies and foreign-funded R&D centers mainly focus on Shanghai’s key industries, such as biomedicine, smart manufacturing, and fashion consumer goods. Seven of the new regional HQs are from Fortune Global 500 companies, and five have an area of influence that covers China and beyond.

The new foreign investment projects are centered on Shanghai’s key industries plus finance, automobiles, the digital economy, and the green and low-carbon economy.

US global healthcare giant Baxter was among the companies that signed new foreign investment deals at the event, pledging to invest additional USD79 million in Shanghai. The funds will likely be used to hike its production capacity in China.

Baxter’s business in China mainly focuses on cancer drugs, anesthetics, nutritional medications, advanced surgical products, surgery equipment, and intensive care devices, Wu Xin, general manager of the company’s China business, told Yicai.

Scopely, a US interactive entertainment and mobile game firm, received the certification for its first regional HQ in China during the ceremony on July 11. It plans to launch a top gaming product and establish a local R&D center in 2026 or 2027.

Scopely chose to open its HQ in Shanghai after laying out a clear strategy for the Chinese market, which included increasing investment in the country, Zhang Lei, general manager of the company’s local branch, told Yicai. Despite not having a single game available in China, Scopely intends to bring in its hit games by cooperating with local publishing partners, he added.

Sonova Group’s HQ in China is no longer under the Asia-Pacific business but now reports directly to the global HQ, Fang Fang, global vice president of the Swiss hearing care giant and general manager of its Chinese arm, told Yicai. Sonova’s China HQ is the only ‘special zone’ within the company and has now been promoted to regional HQ, she noted.

In the first five months of the year, nearly 2,500 foreign investment firms were established in Shanghai, with foreign direct investment in actual use exceeding USD7.6 billion. The city attracted 1,042 regional HQs of multinationals and 605 foreign-funded R&D centers in the period, remaining China’s leading foreign investment hub.

Editor: Futura Costaglione