Economy

UNIDO, China to promote investment

(Xinhua)
Updated: 2011-05-31 13:31

VIENNA -- The United Nations Industrial Development Organization (UNIDO) and China have agreed to help promote foreign investment in Shanghai and China's investment in developing countries and countries with economies in transition, particularly in Africa, UNIDO said Monday.

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UNIDO and China also agreed to establish the Shanghai Investment Promotion Center to help the Shanghai Municipal Commission of Commerce expand cooperation with locally based industries and foreign partners and help Chinese investors seek opportunities for industrial cooperation and develop business proposals.

Through the promotion of technical and managerial transfer of know-how, the investment promotion center will also help selected African countries receive outward investments from China.

UNIDO Director General Kandeh K. Yumkella stressed that foreign direct investment plays an important role in industrial development and technology transfer and building sufficient institutional capacities was a key to resolve many environmental problems related to industrial production and to attract foreign capital.