Food and beverage giant Nestle is holding its global board meeting in Shanghai in a move to highlight the importance of the Chinese market, Rainer E. Gut, chairman of the board, said Friday.
Gut said Nestle chose Shanghai as the venue for its board of directors gathering just 12 years after it entered the Chinese market.
It is an exception for the company to hold the global board meeting in such a young market, where Nestle's business has been growing very fast, said Gut when he met Shanghai Mayor Chen Liangyu Friday.
The mayor said Shanghai's per capita gross domestic product is expected to exceed 10,000 US dollars by 2012 and the local standard of living will improve.
Chen said that would bring opportunities for overseas investorsincluding Nestle.
Nestle set up its first joint venture in China in 1990, and thenumber of Nestle-funded firms on the Chinese mainland has grown to18, including four in Shanghai, which employ about 7,000 people and have a combined direct investment of 700 million US dollars.
Last year, Nestle established a food research and development center in Shanghai, its biggest in Asia.