Guangzhou Development District signs cooperation contracts with two Fortune 500 companies during the ongoing China International Import Expo in Shanghai. [Photo/Xinhua]

Guangzhou Development District signed cooperation contracts with two Fortune 500 companies, AstraZeneca and ABB Group, on Nov 6 during the ongoing China International Import Expo (CIIE) in Shanghai.

AstraZeneca's South China headquarters will settle down in Guangzhou Development District and the company will set up its first independent legal entity in the area, according to the strategic memorandum.

Being a global-leading pharmaceutical giant driven by innovation, AstraZeneca's global operation revenue in 2018 reached $22 billion and its sales volume in China amounted to $3.8 billion in 2018.

The headquarters is expected to undertake functions spanning operation management, marketing, innovation incubation, and technical support in the Guangdong-Hong Kong-Macao Greater Bay Area and the South China area, as well as the marketing of imported new medicines.

Multi-level exchanges and cooperation will be carried out between AstraZeneca and the district to promote the development of the local medical and health industry.

Guangzhou Suikai Power Co Ltd, a state-owned company under Guangzhou Development District, will carry out cooperation with ABB Group in photovoltaic and energy storage smart energy projects, building new energy smart micro grid spanning photovoltaic roofs, energy storage systems, and charging piles.

ABB Group is a leading company in the global electric industry, boasting advanced and reliable energy storage system technology and smart energy solutions.

Guangzhou Development District has been devoting efforts in attracting investment and improving its business environment in recent years, welcoming more than 3,400 foreign-invested companies from over 100 countries and regions.