Billions of US dollars in investment deals were signed between several multinational companies and Fengxian District in Shanghai during an online contract-signing conference.

The deals entail 33 investment projects worth more than 20 billion yuan (US$3 billion), including one invested by cosmetics giant L’Oreal, which will be based in the core area of Oriental Beauty Valley in Fengxian.

“The conference is emblematic of Fengxian’s economic restoration and will accelerate the resumption of work in the city after the COVID-19 resurgence is brought under control,” Shanghai Mayor Gong Zheng said in a video speech.

Gong said the city’s pandemic control has seen progress after arduous two-month efforts. Fengxian, along with other districts, has essentially hit the zero community-transmission goal, and life is gradually returning to normal.

The Shanghai Meicifang Investment Co, funded by L’Oreal’s innovative venture capital fund BOLD (Business Opportunities for L’Oreal Development) will accelerate the cosmetics industry’s scientific innovation and contribute to the development of Shanghai and China’s cosmetics sectors, according to the newly founded company.

“The investment firm will drive L’Oreal’s China strategy and provide financial support to cosmetics, data and technological innovation as well as green tech firms with development potential,” said Christophe Babule, chief financial officer of L’Oreal Group.

The new investment projects also cover the food, smart manufacturing and financial sectors.

They include Amcor Plc’s medical packing project, Renhe Yikang’s headquarters, and an accessories production base for new-energy vehicle’s battery management system.

Meanwhile, a dozen firms have been named partners of Oriental Beauty Valley to jointly develop the nation’s largest cosmetics and health care industrial hub.

More than 700 cosmetics companies, a quarter of the city’s total, are based in the beauty valley, which aims to be on par with France’s Cosmetic Valley in Eure-et-Loir and Loiret and Japan’s Saito Life Science Park in Osaka.

Around 3,000 cosmetics firms, including Jala, Pechoin, Chicmax and Marie Dalgar, have opened manufacturing centers or marketing headquarters in the valley since it opened five years ago.