The side event of the 38th meeting of the International Business Leaders' Advisory Council for the Mayor of Shanghai (IBLAC), themed "Innovation Meets in Yangpu, A New Chapter Begins for Fuxing Island," was held at Chuantai Park on Shanghai's Fuxing Island on Oct 10.

About 100 Chinese and international guests attended the event, viewing exhibits on the island and learning about the innovative achievements of Chinese companies in fields including artificial intelligence, manufacturing, culture, and entertainment.

Jurgen Tinggren, chairman of Bekaert, highlighted new digital capabilities, developments in robotics, and the craftsmanship of new brands.

"I think Shanghai is nearly an exemplary city," Tinggren said. He also praised the willingness of its people to learn about developments elsewhere and find ways to connect.

Several foreign business leaders and executives said they were deeply impressed by Fuxing Island's development. Among them was Stefan Borgas, chief executive officer of RHI Magnesita, who had visited the island in 1991 and was struck by how much it had changed.

Borgas described Shanghai as "one of the best places to innovate," citing the curiosity of its people, substantial funding, infrastructure, and cooperation among companies.

Arnd Franz, chief executive officer of MAHLE GmbH, said affordable technology would have a transformative impact on economic growth worldwide and that working with China and in China would be important for global innovation and growth.

Franz said he was interested in the automotive sector, particularly growth opportunities for companies capable of scaling up manufacturing.

Founded in 1989, IBLAC initially had 12 members from eight countries. Its discussions in 1991 helped inspire the later development of the Yangshan Deep-Water Port.

The council now has 42 members and 11 honorary members.

The guests also looked ahead to the meeting on Oct 11, expressing expectations for in-depth discussions on service-sector innovation and the development of international companies in Shanghai.