Shanghai's Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone hosted an event on Feb 28, where representatives of 50 Chinese and Italian enterprises discussed potential cooperation in the area.

The event organizers provided a briefing on the new China-Italy Lin-gang Innovation Cooperation Park and the favorable policies available for enterprises looking to settle in the industrial park.

In celebration of the 20th anniversary of the establishment of the comprehensive strategic partnership between China and Italy last year, the industrial park was launched at the 7th China International Import Expo to accommodate Italian and European businesses looking to establish a presence or expand in China.

Wu Xiaohua, deputy Party secretary of Lin-gang Special Area, said that Lin-gang will provide assistance in terms of space, finance, and living conditions for enterprises entering the industrial park.

For instance, Italian enterprises entering the park will be offered a "move-in ready" option and low-cost entrepreneurship support. To make it easier for talent to settle in the area, Lin-gang will provide a range of services related to electronic port visas, work permits, residence permits, children's education, and housing.

To incentivize incoming enterprises, the park will also implement a two-year property rental waiver followed by a 50 percent rental reduction for the subsequent three years. Moreover, companies will receive 20 percent funding support for technology expenses, subsidies ranging from 10 to 30 percent for additional fixed investments, and a travel subsidy of 20,000 yuan ($2,768) per person for business visits.

"These special policies are 'given upon arrival'. If Italian companies have any further needs, we can tailor policies for them accordingly," Wu said.

Currently, the Lin-gang Special Area is focusing on developing high-quality commercial districts, bilingual international schools, residential areas, hotels, and other urban life facilities around the industrial park, providing an environment for foreign talent to work and thrive in the area, Wu added.

Sources: Jiefang Daily, Shanghai Observer, thepaper.cn