Borouge and the Shanghai Hongkou District Business Committee signed a strategic cooperation framework agreement on November 13, 2023, and reached a cooperation intention for Borouge’s North Asia headquarters to settle in Hongkou District and work with Hongkou District to build a benchmark project for foreign-invested headquarters economy.
Strategic Cooperation Framework Agreement Signing Site
Dong Jianwei, Senior Vice President of Borouge North Asia, and Wu Zhiyong, Director of Shanghai Hongkou District Business Committee, signed on behalf of both parties. Rainer Hovlin, CEO of Borouge Private Limited, His Excellency Muhannad Suleiman Al Naqbi, Consul General of the United Arab Emirates in Shanghai, Li Qian, Secretary of the Shanghai Hongkou District Party Committee, and Lu, Deputy Secretary of the District Party Committee and District Governor Ming attended the signing ceremony and witnessed the conclusion of the cooperation agreement.
His Excellency Muhannad Suleiman Al Naqbi, Consul General of the United Arab Emirates in Shanghai (second from back right), Li Qian, Secretary of the Shanghai Hongkou District Party Committee (second from back left), Deputy Secretary of the District Party Committee and District Mayor Lu Ming (first from the back left), and Rainer Hoflin, CEO of Borouge Private Limited (the first from the back right) witnessed the signing of the cooperation agreement
Borouge was founded in 1998 as a strategic partnership between Abu Dhabi National Oil Company (ADNOC) and Borealis. It is a company that provides innovation and differentiation for infrastructure, energy, automotive, agriculture, medical and advanced packaging. A leading petrochemical company in polyolefin solutions, it has a world-class polyolefin production site in El Ruwais Industrial City, United Arab Emirates. On June 3, 2022, Borouge was listed on the Abu Dhabi Securities Exchange.
For more than 20 years, Borouge has continuously deepened its strategic development in North Asia, especially the Chinese market. As an international chemical company, it has introduced innovative products and leading technologies into the Chinese market through its continuously expanding business and logistics network. Assist industry development and support China’s infrastructure construction and implementation of major projects. In order to better meet the needs of local customers and promote the improvement of business quality and efficiency, Borouge actively sought a high-quality business environment and finally selected the North Bund of Hongkou District as the location for its regional headquarters for a new round of development.
The North Bund of Hongkou District is located at the intersection of the Huangpu River and the Suzhou River. It has an advantageous geographical location. With the construction goal of “Future City Model Room”, it has actively built a headquarters economy in recent years and attracted many multinational companies to settle here. Relying on the internationalization and development of Hongkou District, With the development concept of legalization and facilitation, it aims to become an important display window for business and commercial activities in Shanghai and even China.
Rainer Hoflin, CEO of Borouge Pte Ltd, said: “I am very pleased to witness the opening of Borouge North Asia’s headquarters in Hongkou District, Shanghai. This is a very important milestone for Borouge as it This makes us the first Middle Eastern manufacturing company to set up a regional headquarters in Hongkou District. The signing of this agreement reaffirms Borouge’s firm commitment to the sustainable development of the Chinese market. I would like to express my special thanks to the Shanghai Municipality and Hongkou District at all levels. The government has given strong support to Borouge, and is also very grateful to His Excellency Muhannad Suleiman Al Naqbi, Consul General of the United Arab Emirates in Shanghai, for attending the signing ceremony. I believe that as the cooperation continues to deepen, Borouge will promote Hongkou and China Make more contributions to economic development.”
Li Qian, Secretary of the Hongkou District Party Committee, pointed out: “In recent years, Hongkou has conscientiously implemented the deployment requirements of the municipal party committee and the government, and has made every effort to create ‘Shanghai North Bund, a new urban benchmark’, which has increasingly become a display window for Shanghai’s opening up to the outside world.” Held during the CIIE At the ‘2023 International Investment and Financial Cooperation Forum’, I deeply felt the enthusiasm and love of many well-known enterprise representatives from Arab countries for investing in China and taking root in Shanghai. It is hoped that both parties will rely on platforms such as the CIIE to further deepen bilateral trade and investment cooperation and create a better A high-energy headquarters economy will continue to deepen cooperation and exchanges in the field of university education and other fields, promote bilateral cultural exchanges and economic and trade exchanges, realize the two-way rush of first-class enterprises and first-class urban areas, and share Hongkou’s “rising momentum” development opportunities and “well-known” business environment and create a better future together.”
On behalf of the UAE, His Excellency Muhannad Suleiman Al Naqbi, Consul General of the UAE in Shanghai, expressed his great gratitude to the Chinese government and officials for their investment and cooperation support provided to UAE enterprises abroad. He said that Hongkou has a good business environment and the consulate is happy to build a platform for cooperation and exchanges between Hongkou and the United Arab Emirates. It will continue to pay attention to the development of Hongkou’s international exchanges and cooperation and actively promote both parties to achieve win-win development in more fields.
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