Shanghai expects to add more multinational headquarters and attracting foreign businesses this year, according to the commerce commission and investment promotion bodies.

The city hopes to keep the positive momentum and maintain the size of the actual use of foreign investment at US$24 billion this year.

Last year, the actual use of foreign investment hit a record high at US$23.96 billion.

It also aims to add 60 regional headquarters from multinational companies, and 25 foreign funded research and development institutions.

Shanghai launches a campaign on Friday that focuses on multinational companies based in the city. It showcases the business blueprints of these companies and their solid investment confidence.

Shanghai was home to 891 regional headquarters of multinational corporations, and 531 foreign R&D centers by the end of 2022.

Xue Feng, president of Shanghai Foreign Investment Development Board, or Invest Shanghai, said the organization plans a number of overseas investment promotion activities.

Investment promotion efforts would focus on key industries and overseas markets such as Europe, the Middle East and Southeast Asia to collect potential investor information and better connect them with suitable industry clusters in the city.

Shanghai has vowed to make further efforts to foster a market-oriented, law-based and international business environment, with a string of policies to streamline administrative procedures to facilitate new business registration and boost general investment sentiment.