PepsiCo Inc, the United States-based food and beverage giant, opened its largest research and development center outside North American in Shanghai on Tuesday.

The center occupies 16,000 square meters of space and was built with a total investment of more than $40 million. It is intended to serve as a hub of new product development and identification, as well as packaging and equipment innovation for PepsiCo’s businesses in Asia.

The company said the opening of the center will significantly increase the pace of PepsiCo’s innovation and put new ideas into use in regional markets, as well as strengthen the company’s ability to develop products suited to local markets.

"The Shanghai facility is a game-changer for our business that, we expect, will fast-forward our innovation throughout the entire region,” said Saad Abdul-Latif, chief executive officer of PepsiCo Asia, Middle East and Africa.?

Despite the economic slowdown in China this year, the company said China will continue to be an ideal destination for investments and offer tremendous business opportunities.?

"There is no better example of how PepsiCo is innovating locally than what we have been able to do right here in China, a vibrant food and beverage market where we see tremendous opportunities for continued innovation, investment and growth,” said Mehmood Khan, executive vice president and chief scientific officer of PepsiCo.? “This new facility represents PepsiCo’s deep commitment to capitalizing on these opportunities and to growing in China.”