Shanghai-based companies are aiming to boost their trade and investment further in 2017 in countries along the Belt and Road Initiative - with a focus on equipment and services exports - a key report issued by the city's commerce and trade authorities said.

The value of new contracts written last year in the Belt and Road Initiative countries hit $8.9 billion, a 66.5 percent year-on-year increase, said the report by the Shanghai Municipal Commission of Commerce. That contributed 72.3 percent to the total value of contracts written by Shanghai groups in foreign countries last year.

In the Belt and Road countries, Shanghai groups realized total sales last year of $4 billion.

The report said that Shanghai-based companies have been working with partners in various sectors beyond conventional areas such as construction and infrastructure.

The city's enterprises have also been involved in car manufacturing, equipment manufacturing, textiles, services and education, finance, power and resources, it said.

The report added that Shanghai's companies had been actively going global with a focus on countries included in Belt and Road Initiative - including Singapore, Indonesia, Turkey, Pakistan and Thailand.

Among the expansion deals was Shanghai Electric Power Co's decision to pay buyout firm Abraaj Group $1.77 billion, for a controlling shareholding in Pakistani utility K-Electric.

In Thailand, Chinese-Thai joint venture SAIC Motor-CP has broken ground on its second assembly plant, which produces and markets MG cars in the country.

The report found that Shanghai companies are not only exporting products and services, but are leveraging their resources in such areas as technology and education and training programs to assist trade and outbound investment.