Fengxian home to a dozen new foreign business projects

A dozen foreign business projects have settled in Fengxian, representing new progress in the suburban district of Shanghai to attract global investment.

The investment project contracts were signed at a Fengxian promotional conference on Monday.

Fengxian district is among the five suburban areas announced by the Shanghai municipality earlier this year in its latest effort to seek new engines for future economic and social growth.

These new foreign investment projects are a sign that Fengxian is becoming increasingly popular for businesses from both home and abroad, a district official said.

In recent years, the district has been actively developing the beauty and health industry. It started the construction of the Oriental Beauty Valley in 2015, a project to support its economic upgrading and transformation.

The district is also promoting the development of biomedicine, food and other related industries.

In addition to developing advanced industries, the district will also launch a series of measures to attract more high-level professionals and talents, according to Yuan Quan, acting district mayor of Fengxian.

More education and medical institutions will be introduced to Fengxian,which will help increase the local population, Yuan said at the promotion event.

Fengxian plans to increase its population to about 1 million by 2025, according to Yuan.

The characteristic industries in Fengxian have attracted growing attention from the world.

Shanghai is already becoming a top destination for foreign investment, and new development industries in Fengxian are highly relevant for new European investors. The industries include manufacturing, quality machinery, food, fashion and retail, according to Lorenzo Riccardi, chief financial officer of the China-Italy Chamber of Commerce.