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5.15b yuan in project deals signed in Qingdao through video

(chinadaily.com.cn) | 2020-03-19

An online signing ceremony for 10 key projects was held through a video conference on March 19 in the Qingdao International Economic Cooperation Zone in order to maintain economic growth amid the coronavirus outbreak.

The projects, receiving a total of 5.15 billion yuan ($726 million) in investment, involve semiconductors, the internet of things, artificial intelligence, high-end equipment, new generation information technology, and more.

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An online signing ceremony for 10 key projects is held through a video conference on March 19 in the Qingdao International Economic Cooperation Zone. [Photo provided to chinadaily.com.cn]

Representatives of the Qingdao International Economic Cooperation Zone and entrepreneurs in six countries and regions including Germany, the United States, Australia, and Hong Kong, China signed cooperative agreements through a video conference.

"Viruses cannot prevent cooperation. We are striving to improve the business environment and gather high-quality resources from all over the world," said Zhu Tieyi, director of the management committee of the Qingdao International Economic Cooperation Zone.

Amr Saad, senior deputy president of the US-based Leavitt Group, said that the Qingdao International Economic Cooperation Zone contributed a lot to promoting the projects and offered efficient services amid the outbreak, and that Leavitt was highly confident in the partnership.

One of the projects, an international semiconductor industrial park, will receive a total of $300 million in investment. Covering an area of 300,000 square meters, it will house semiconductor research, development and production centers for chips, robotics, 5G equipment, internet of things sensors, artificial intelligence, and a variety of other next-generation information technology industries.

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Representatives of the Qingdao International Economic Cooperation Zone attend the online signing ceremony. [Photo provided to chinadaily.com.cn]

A project involving engine parts, which will receive $50 million in investment, will make use of advanced European production technology for diesel high-pressure pipeline parts and consist of a research, development, production, and sales center.

Another project – an internet of things intelligent control platform – will receive a total of 365 million yuan in investment. It will focus on high-end smart home appliances.

The Qingdao International Economic Cooperation Zone, located in the Qingdao West Coast New Area, is part of the China (Shandong) Pilot Free Trade Zone. It covers an area of 1.6 square kilometers and is designed to promote international cooperation.