The signing ceremony for a slew of foreign investment projects takes place in Shanghai on July 28. [Photo/WeChat account: scofcom]

A slew of 60 foreign investment projects worth a massive $5.85 billion were signed in Shanghai city in East China on July 28, showing that the metropolis and financial capital remains one of the top destinations for multinational companies.

Among the projects, 36 were in key industries involving integrated circuits, biomedicines, artificial intelligence and electronic information, life and health, automobiles, high-end equipment, advanced materials and fashion consumer goods. These involved investment of $2.93 billion alone.

Among the contracted projects, 24 were worth more than $50 million and five were from Fortune 500 companies.

Shanghai's paid-in foreign investment rose by 21.1 percent year-on-year in the first six months of 2021, according to local authorities and the actual use of foreign investment in Shanghai reached about $12.45 billion.

In the first half, 31 regional headquarters of foreign-funded multinationals set up in the area, bringing the city's total number to 802. Meanwhile, 12 foreign-funded research and development centers were built, raising Shanghai's total to 493.