Highlights from IBLAC: strategies for building Shanghai into a world-class i...

by HUANG Jingyuan

The terms "cooperation" appeared 89 times, "talent" 81 times, "innovation ecosystem" 56 times, "data" 43 times, "investment" 41 times, "openness" 39 times, and "artificial intelligence" 38 times. According to incomplete statistics from Jiemian News, these words were frequently mentioned at the 36th International Business Leaders' Advisory Council for the Mayor of Shanghai (IBLAC), held at the Grand Halls in the city's North Bund area.

Over two dozen executives from leading multinationals gathered to discuss a new development path for Shanghai. Three panels focused on "Seizing Opportunities in Science and Technology Innovation," "Fostering Openness and Collaboration," and "Building a World-Class Innovation Ecosystem."

Pushan Dutt, an economics professor at INSEAD, addressed innovation challenges, stating that while population affects output, productivity improvements are crucial for long-term development.

Dominic Barton, chairman of Rio Tinto, highlighted Shanghai's progress in building innovation ecosystems and emphasized the importance of attracting research-driven companies and broad investment for future industries.

Innovation in healthcare was a key topic.

Gary Guthart, CEO of Intuitive Surgical, praised Shanghai's vision and its willingness to adopt new technologies. Intuitive Fosun, their joint venture with Fosun Pharma, opened its headquarters in Zhangjiang International Medical Park, leveraging the favorable business environment for growth and collaboration with local healthcare providers.

Abbott's Chairman and CEO, Robert Ford, stressed the need for more innovation in medical products to address aging populations and healthcare challenges, urging collaboration among regulators, hospitals, and companies to balance innovation with affordability. He expressed eagerness to work with the Shanghai government to enhance the local innovation ecosystem.

Orit Gadiesh, chairman of Bain & Company, noted that technological innovations are transforming daily life by merging physical, digital, and biological realms. She emphasized the need for Shanghai to invest in foundational technologies like GenAI and quantum computing to drive successful development.