Bosch, the world’s largest automotive parts supplier, will set up its regional headquarters in Shanghai, a corporate executive said, according to the Xinhua news agency.
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Rudolf Colm, a board member of Stuttgart-based Bosch Group and president of Asian-Pacific operations, reportedly said that Bosch has confidence in China’s economic growth and the conglomerate’s investment in the country would exceed a billion US dollars in the next two or three years.
A new office building is being planned to house the regional headquarters in the future, Colm told Xinhua. The supplier would also move the headquarters of Bosch (China) Investment Ltd from Beijing to Shanghai.
According to Colm, Bosch Group has so far founded 26 ventures in China, with a total investment approaching $600 million. Of Bosch’s €40 billion in global sale revenue last year, €1.4 billion was from sales in China.
Zhou Yupeng, vice mayor of Shanghai, told Xinhua that the city is now home to regional headquarters of 86 multinationals, the investment firms of 106 multinationals and the research and developments centres of 130 multinationals.
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