The Qingdao municipal government signed a strategic cooperation memorandum with US-based group Plug and Play on May 20 via an online conference, to access overseas innovation resources and build a platform for global innovation cooperation.

Plug and Play is a world-renowned early stage investor, accelerator and corporate innovation platform with global headquarters in Silicon Valley. It runs two programs per year in each industry and location and has 300 corporate partners and 200 venture capitalists in its ecosystem.

Qingdao signs a strategic cooperation memorandum with Plug and Play on May 20 via an online conference. [Photo/qingdaonews.com]

Qingdao officials said the two sides established a strategic partnership that will help build the city into a key national scientific and technological innovation base in the region north of the Yangtze River.

Plug and Play intends to establish a regional innovation center, an offshore incubator, and an innovation fund in Qingdao.

Wang Qingxian, Party chief of Qingdao, said the city has huge development potential brought about by national strategies such as the China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation, the Qingdao Area of the China (Shandong) Pilot Free Trade Zone and the Belt and Road Initiative.

Wang added that Qingdao is also building itself into the world's capital for the industrial internet, which will reshape the industrial sector with cutting-edge technologies employing the internet, cloud computing and big data.

A coastal view of Qingdao in Shandong province [Photo/qingdaonews.com]

He hoped that the two sides would work well together to foster more economic growth drivers, boost innovation and entrepreneurship, as well as facilitate high-quality development.

In his speech, Rahim Amidi, founder of Plug and Play, fully recognized Qingdao's solid economic foundation, good business environment and the professional work spirit of the government team.

He said that Plug and Play would take this cooperation as a new starting point, give full play to their advantages, accelerate the implementation of projects and realize common development.