Sonova Group, the world’s largest company providing hearing-care solutions, will stick to its commitment in the Chinese market and continue to invest in Shanghai, the company’s CEO Arnd Kaldowski said when he met with Shanghai Mayor Gong Zheng on Monday.

“We are confident of China’s economic future and has a long-term commitment. This is evidenced by the choice of Shanghai as the host to our meeting of board of directors right now,” Kaldowski said. “We will keep carrying out our localization strategy to develop products that cater to the demand of Chinese consumers.”

Gong said the city government places high importance on the growth of the health-care industry, which is a key part of developing new quality productive forces. He welcomed Sonova to continue to invest in Shanghai, as the city expects the medical instruments industry will be worth trillions of dollars.

Kaldowski said Sonova Group is betting on Shanghai and will continue to invest in the city. It has already invested up to 4 billion yuan (US$561 million) in Shanghai.