(Yicai) March 29 -- The Shanghai Global Investment Promotion Conference 2024 turned out promising for the eastern metropolis as deals for fresh projects involving fields such as artificial intelligence, new energy, biomedicine, civil aviation, and shipbuilding were signed on the spot.

Contracts for 21 projects with a total investment of CNY52.4 billion (USD7.3 billion) were signed at the conference, Yicai learned during the annual event that aims to refine investment opportunities in the eastern metropolis.

One of them was electric carmaker Nio's upcoming investment of CNY5 billion (USD692.1 million) in its battery swap business whereas Hua Xin International Investment plans to invest CNY1.4 billion in building a smart base to develop and manufacture aircraft. Moreover, Nreal, a Chinese maker of augmented reality glasses, will locate its global head office for AR and virtual reality goggles in Shanghai's Pudong New Area to make over two million AR glasses for the global market per year.

In the first quarter, 420 projects that are worth over CNY100 million (USD13.8 million) each landed in Shanghai, and the total investment tallied CNY343.5 billion (USD47.5 billion), Liu Ping, vice director of the municipal economic and informatization commission, said to Yicai. 

During the conference, the local government revealed a series of policies to support key industries. It set up a CNY100 billion parent fund, focusing on the three sectors of semiconductors, biomedicine, and artificial intelligence.

Shanghai will join hands with 10 banks to provide CNY2 trillion (USD276.8 billion) of credit lines to firms. Moreover, industrial enterprises should enjoy a total reduction of CNY100 billion in operating costs in the next few years due to increased fiscal and taxation support.

The city named 10 global investment partners. Those include professional services firm EY, e-commerce giant Alibaba Group Holding, streaming platform Bilibili, automotive supplier Forvia, and commercial property firm Colliers. Moreover, the group has the National Green Development Fund, Singaporean real estate logistics provider GLP, cooking oil giant Yihai Kerry Arawana Holdings, smart energy solutions provider CHINT Group, and the Singapore Chamber of Commerce in China.

Since Shanghai began organizing the conference in 2021, 40 internationally renowned companies have become its investment partners. 

Editors: Zhang Yushuo, Emmi Laine