Otis, a world leading provider of elevators, was struck by the vast market potential of China brought about by the country’s modernization, according to Sally Loh, president of Otis China, during a news conference on April 14.

"China is the largest elevator and escalator market in the world and continues to be a strategically important market for Otis globally," said Loh, vowing continuous investment in the country.

The US company installed its first elevator in the Chinese mainland for Shanghai's Peace Hotel. It returned to China in 1984 and has since established deep roots there. Loh noted that the company has witnessed — and contributed to — China's industrialization, urbanization and ongoing modernization.

Next, Otis will explore opportunities from large-scale equipment replacement and renewal initiatives led by the national government, she said. Loh pointed out that about 1 million elevators and escalators have been used over the past 15 years and now require upgrading. She added that the number is growing rapidly, with double-digit annual increases.

More specifically, the upgrade will involve improvements in technical performance, aesthetics, and human-centered design, as well as the integration of advanced technologies such as the internet of things and artificial intelligence, aiming to enhance safety and convenience — especially for the elderly population.

It also has a deep connection with the city of Shanghai, as iconic landmarks such as the Oriental Pearl Tower, Museum of Art Pudong and Super Brand Mall have used its products.

Its research and development center at the International Business Park in Changning district is the company's largest globally and is dedicated to digital innovation. "The innovation is not only 'in China, for China', but also 'in China for the world'," she said.

"Shanghai has a very open and pro-business environment for multinationals like Otis," the president said, giving examples of how the city has supported Otis in expanding its technical pilot programs.

In addition to recognizing Shanghai as an innovation hub, Loh emphasized the importance of the city's market. "We would say that no elevator company can call itself successful unless it demonstrates both innovation and market success in Shanghai," she said.