Xinhua reported that Hyundai Heavy Industries has set up a research center in Shanghai in a bid to develop strategic products in the long run.

Hyundai Heavy said that the new research center will focus on developing global strategic products such as smart grid, offshore wind turbines and robot systems in the long term as well as construction equipment and engines targeting the rapidly growing Chinese market.

Hyundai Heavy selected Shanghai as its global R&D site because the Chinese government is offering various supports, including tax incentives, to foreign R&D centers and many global firms such as Microsoft and General Motors are operating research centers in Shanghai.

The shipbuilder said that the research center will recruit 30 researchers from Asia, North America and Europe at the beginning, and it will hire 120 engineers by 2012 and 200 by 2013.

The company also noted it will collaborate with research centers at Peking University, Tsinghua University and Shanghai Jiaotong University to develop core equipment and technology.

(Sourced from Xinhua)