Royal Philips Electronics will invest 40 million euro (approx. U.S. $52.3 million) to set up an R&D center in Shanghai.
Gerard Kleisterlee, the Dutch company's CEO, said the R&D center will lay a solid foundation for the firm's future development in China. It will also help to promote Shanghai's economic development, he said.
At the end of 2004, Philips accumulated investment in China totaled $3.4 billion, with stakes in 35 companies employing some 20,000 people. (AFX)
to Daily News