VIENNA, 30 May 2011 – A USD 1 million agreement signed today between the United Nations Industrial Development Organization (UNIDO) and the People’s Republic of China will help promote the inflow of foreign capital to Shanghai as well as the outflow of Chinese investments to developing countries and countries with economies in transition, in particular to Africa.
The agreement was signed by UNIDO Director-General, Kandeh K. Yumkella, and the Deputy Secretary-General of the Shanghai Municipal People's Government and Chairman of the Shanghai Municipal Commission of Commerce, Sha Hailin.
Under the agreement, the Shanghai Investment Promotion Centre (SIPC) will assist the Shanghai Municipal Commission of Commerce in expanding cooperation between Shanghai-based industries and foreign partners. In parallel, Chinese investors will be assisted in identifying opportunities for industrial partnerships and developing business proposals.
The Investment Promotion Centre will also help selected developing countries in Africa by facilitating outward investment from China and by promoting technical and managerial transfer of know-how.
“Foreign direct investment plays an important role in industrial development. And technology transfer holds the key to resolving many environmental problems related to industrial production. Building sufficient institutional capacities is vital to attract foreign capital and to unleash its potential as a catalyst for industrial development,” said UNIDO Director-General Kandeh Yumkella.
He added that ITPOs in China were an important instrument for promoting South-South cooperation, especially in Africa.
Currently, UNIDO and China have 44 ongoing projects totalling some USD 54 million, as well as 12 pipeline projects with the estimated budget of a total of USD 30 million. Technical cooperation delivery has grown from USD 9 million in 2007 to USD 14 million in 2010.
The Investment Promotion Centre in Shanghai is one of eleven UNIDO Investment and Technology promotion Centres (ITPO) worldwide.
In 2010, UNIDO organized a “UNIDO Week” at the Shanghai EXPO, which featured workshops, seminars and an exhibition.
For more information about UNIDO, please contact:
UNIDO Advocacy and Communication Coordinator
Telephone: (+43-1) 26026-5021
Mobile: (+43-699) 1459-7329