On October 20, the Vice Mayor of Shanghai Municipality, Hua Yuan, met with a delegation headed by Hamid R. Moghadam, Co-founder and CEO of Prologis.
Hua Yuan spoke highly of Prologis’ remarkable achievements in the field of logistics infrastructure and the company’s unwavering commitment to investment and development in China. He said that Shanghai’s GDP surged to CNY 4.47 trillion in 2022. During the past three quarters of 2023, with steadfast policies and measures, Shanghai’s economy is recovering vigorously and demonstrating impressive resilience and vitality. Hua Yuan emphasized Shanghai’s position as an international megacity with an extensive global economic and trade network, abundant international platforms, and a first-class business environment. He reiterated the city’s strategy of deepening the construction of “five centers”, encompassing international economic, financial, trade, shipping, and science and technology innovation centers. Shanghai remains a top choice for foreign investment and global supply chains. Since 2023, altogether 49 new regional headquarters of multinational companies and 20 foreign-funded R&D centers have been established in Shanghai. This underscores the enduring confidence of global investors in Shanghai’s economy, reaffirming the city’s status as a preferred destination for investments.
Hamid Moghadam expressed appreciation for the Shanghai municipal governments for their assistance and support of Prologis. He said that Shanghai and San Francisco, where Prologis global headquarters is located, have been friends for many years. As an old friend of Shanghai, with his first visit dating back to 1996, Hamid has witnessed the city’s remarkable changed over the past two decades. Shanghai has created a first-class, market-oriented, and international business environment which has instilled Prologis with the confidence to pursue long-term development in the city.
“This year marks the 40th anniversary of Prologis. We are a global leader in terms of both scale and asset quality,” said Hamid. “China is a strategic market for us globally. We are confident in China’s market opportunities and potential, and will have long-term commitment here. Leveraging our global strength in capital and resources, we will contribute to China’s logistics infrastructure network and serve more Chinese customers and consumers.”
Prologis Shanghai Qingpu Distribution Center
Hua Yuan outlined Shanghai’s commitment to expediting the city’s digital transformation and advancing its comprehensive transition towards green and sustainable economic and social development. He acknowledged the efforts of Prologis in setting benchmarks within the logistics infrastructure sector, particularly in areas of enhancing energy efficiency and reducing carbon emissions. Hua Yuan encourage Prologis to continue its investment in China and Shanghai with a strategic outlook to capture the emerging opportunities stemming from green and low-carbon development as well as the ongoing industrial evolution and transformation.
Hamid underlined Prologis’ net-zero carbon goals by which Prologis is committed to achieve net-zero carbon emissions from its operations by 2030, and net zero emissions across the entire value chain by 2040. He said that Prologis is dedicated to forging close partnerships with all levels of the Shanghai governments, investors, and partners to drive the green transformation and upgrading of the city’s logistics and related industries and contributing to the high-quality development of Shanghai’s economy.