Shanghai companies achieve progress to expand business overseas

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Last updated at: (Beijing Time) Monday, March 01, 2004

Shanghai companies achieve progress to expand business overseas

Shanghai companies have invested 1.2 billion US dollars abroad so far, the Shanghai Municipal Commission of Foreign Trade and Economic Cooperation has announced.

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Shanghai companies have invested 1.2 billion US dollars abroad so far, the Shanghai Municipal Commission of Foreign Trade and Economic Cooperation has announced.

More than 700 local companies have invested in 70 countries andregions, signing contracts with foreign clients for projects and labor works worth 8.6 billion US dollars.

Expanding business overseas has gained impetus since 2000 when the municipal government began a campaign to encourage local firmsto expand overseas.

In the early years of 1990s, the average annual investments made abroad by local companies was 700,000 US dollars.

Local ventures invested 172 million US dollars overseas and signed contracts for projects and labor cooperation totaling 1.66 billion US dollars last year, up 28.1 percent and 7.9 percent from2002.

An official with the commission said it would encourage more local companies to go international by simplifying procedures for approval, relaxing the limitations on the overseas investment scale, and by improving services such as training.

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