The Asia-Pacific headquarter of the US automobile giant will settle in Pudong New District, Shanghai, according to a memorandum of understanding (MOU) signed between the Pudong government and Ford China on July 2.

According to the cooperation agreement, Ford China will enhance resource distribution, expand car export-import business and attract more high-end talents to Pudong. The Pudong government will, in return, provide favorable policies for the automaker's business and investment development in the district.

With the aim of constructing an open and free trade zone, Pudong should strengthen reforms and draw advice from big enterprises, said Sun Jiwei, the head of Pudong New District at the signing ceremony, adding that the government aims to create a sound environment for talent development by streamlining the formalities for foreign experts to live and work in the city.

David Schoch, the vice-president of Ford Group and president of the Asia-Pacific region, who also attended the ceremony reviewed the group's development in China and expressed his hope that the both parties can achieve mutual development through cooperation.

With the development and opening-up for 25 years, Pudong has become a global competitive area boasting strong headquarter enterprise economy. By the end of May 2015, the number of multinational enterprises opening global or regional headquarters in the district has reached 236, accounting for 46 percent of the total number of the city. More than 80 of them are global or Asia-Pacific headquarters for those enterprises.

The headquarters have become the main force in building Shanghai into an international economic, financial, shipping and trading center and will play an important role in the development of the China (Shanghai) Pilot Free Trade Zone, said an official from the district's commerce commission.

Edited by Mevlut Katik