Shanghai Municipality expects to double its investment volume abroad in the next four years, local trade authorities said on Friday.

 

According to the blueprint for the city's foreign trade during the Eleventh Five Year Plan Period (2006-2010), released Friday by the Shanghai Municipal Commission of Foreign Trade and Economic Cooperation, the city's investment abroad will reach US$3.5 billion by the end of 2010, double the figure for the Tenth Five Year Plan Period (2001-2005).

 

In 2000 the municipal government began a campaign to encourage local firms to expand overseas.

 

In 2006, Shanghai launched 75 investment projects abroad, worth US$530 million, mainly involving Shanghai companies.

 

So far, more than 700 local companies have set up joint-ventures or business offices in 96 countries and regions worldwide.

 

Shanghai will encourage more local companies to enter international market and pour investment into a variety of sectors such as the energy industry, infrastructure construction, high-tech development, wholesale-retail networks and machining businesses.

 

(Xinhua News Agency February 10, 2007)