The inauguration ceremony for the project highlighted the founding of the Shanghai Investment Promotion Center (SIPC), which is part of the cooperation plan.

SIPC will function as a local UNIDO focal point linking the Shanghai Foreign Investment Development Board (SFIDB) and Shanghai Overseas Investment Development Board (SOIDB) with UNIDO's worldwide investment and technology promotion network.

Vice-Mayor Jiang Yiren said, "The cooperation will surely boost Shanghai's export-orientated economy. With UNIDO's rich experience and widespread network, SIPC will attract more foreign investment, while leading more local enterprises to invest successfully abroad."

The latest statistics show that by the end of September, Shanghai had attracted 1,845 projects with a contractual value of US$5.8 billion, a 65 percent increase over the corresponding period of the previous year.

Jiang believes Shanghai's capital market is reaching maturity and that it is a good time for competitive local enterprises to invest abroad.

Therefore, SIPC, as a semi-official organization, will not only assist SFIDB and SOIDB in formulating, screening and appraising foreign investment projects in Shanghai, but will further promote domestic companies with a competitive edge to enter the global market as well.

Yo Maruno, deputy director-general of UNIDO, said, "UNIDO's mission is to help developing countries and regions to cooperate with developed countries and regions to realize economic growth. Shanghai is one of the most economically dynamic cities in the world, and we should have a beachhead here to promote both inward and outward two-way investment."

(China Daily 10/17/2001)