Guangzhou has secured two landmark deals with major multinational companies attending the 2nd China International Import Expo in Shanghai. One is with UK-based pharma giant AstraZeneca, the other with Swiss-Swedish industrial giant ABB Group, both members of the Fortune 500.
AstraZeneca, the world’s leading pharmaceutical company with more than 15,000 employees and China revenues of US$3.8 billion in 2018, plans to settle its southern China headquarters in the city’s Huangpu district. It will focus on operation management, sales and marketing, innovation incubation and technical support, as well as distribution of new drugs.
The UK-based company, which announced earlier this week it would raise a US$1 billion fund to invest in Chinese healthcare startups, as WSJ reported, said the new headquarters would count on the Guangzhou government’s support in getting construction and pharmaceutical licenses.
Situated in the Guangdong Development Zone, the area already hosts large-scale projects by a number of multinational companies, including GE’s biopharmaceutical park and LG Display’s production plants.
The second deal was between ABB Power Grid (China) Co., Ltd., a subsidiary of ABB Group, and state-owned energy project investment service provider Guangzhou Suikai Electric Co., Ltd. The two companies have agreed to work on photovoltaic and energy storage projects and will build microgrids.
No financial terms were disclosed for the two deals.
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