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The founding of the Shanghai Foreign Investment Development Board (SFIDB) is a profound sign that the city's commitment to attracting foreign investment has reached a new stage, claimed Jiang Yiren, vice-mayor of Shanghai, at the inauguration ceremony for the new investment promotion organization on Friday. According to Jiang, SFIDB will provide valuable advice and services for foreign investors looking to spend money in Shanghai. The board will serve as an intermediary consulting organization, which enjoys the sponsorship of the Shanghai municipal government, and which is independent of it. "We are a non-governmental institution and we will provide advice and services that fall in line with international practices," said Wu Chenglin, president of SFIDB. According to Wu, SFIDB makes the formalities of foreign investment easier to handle by supplying detailed district- and county-level information. At the same time, SFIDB will shoulder the responsibility of aiding Shanghai-based companies with their investments overseas. The board's main task in this realm will be to help small and medium-sized enterprises and privately owned enterprises with project proposals, feasibility studies and policy research related to different countries. SFIDB recently completed a three-month trial operation period that was the culmination of a year's worth of preparations. "During the three months, we carried out market research to collect first-hand information on businesses in industries like IT, retail and travel," Wu said. At present, the board has 10 on-going foreign investment projects in the IT and service industries. In the coming year, the board plans to establish global investment promotion networks, Wu explained.