SHANGHAI – More than 30 top executives from global companies gathered in Shanghai on Sunday for the 36th annual International Business Leaders’ Advisory Council for the Mayor of Shanghai (IBLAC), where discussions centered on bolstering the city’s position as a global technology hub.

Leaders from industries ranging from pharmaceuticals to mining shared strategies for innovation, urging Shanghai to expand international cooperation, foster technological advancements, and attract global talent.

Founded in 1989, IBLAC brings together international business leaders annually to discuss the city’s economic development. Over the past three decades, the council has grown from 12 members representing eight countries to 44 members and 10 honorary members from 15 countries.

This year, Shanghai Mayor Gong Zheng emphasized the importance of technological innovation in shaping the city’s future, while participants, including executives from Roche, Rio Tinto, and Abbott Laboratories, underscored the need for Shanghai to capitalize on emerging technological shifts.

In his keynote address, Gong emphasized the critical role of technological innovation in navigating global challenges and securing future growth. He highlighted the city’s recent strides in science and technology, noting that Shanghai has significantly strengthened its innovation ecosystem over the past decade, positioning itself as a leader in comprehensive innovation efficiency.

During the discussions, top executives shared insights and practical examples, with “cooperation,” “AI,” and “innovation” emerging as key topics. Business leaders emphasized the importance of learning from global cities, implementing proactive policies, and capitalizing on shifts in technological innovation.

Dominic Barton, chairman of Rio Tinto, underscored the importance of developing industrial clusters and proposed forming an expert committee to research innovation strategies. He also urged greater incentives for companies to boost R&D investment, positioning Shanghai as a global leader in intellectual property flow and protection. Barton further suggested streamlining the visa process to attract more international talent.

Vincent H.S. Lo, chairman of Shui On Group, a leading urban solutions provider, suggested that Shanghai needs to adjust its urban planning regulations to better accommodate the changing lifestyles and preferences of millennial talent. He stressed the importance of making these regulations more flexible, particularly to address the oversupply of office buildings by repurposing vacant spaces for startups and innovation-driven activities.

“Entering the era of big science, Shanghai will build a system that supports comprehensive innovation with greater determination,” said Mayor Gong. He emphasized the city’s commitment to upgrading its international science and technology innovation center.

(Header image: VCG)