The deal to set up an industrial internet project from Shanghai in the Qingdao Area of the China (Shandong) Pilot Free Trade Zone was recently signed.

According to local officials, the investor signed the agreement just 120 hours after viewing the investment environment, setting a new record in the FTZ.

The investor is a Shanghai-based high-tech enterprise that offers technical services and smart home appliances. It is also a partner of well-known brands such as Siemens, Bosch, Alibaba, JD, iFlytek and Haier.

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone [Photo/dailyqd.com]

The 50-million-yuan ($7.16 million) project will involve building an intelligent manufacturing R&D and production base in Qingdao. The facility is expected to begin trial production in late October and achieve an output value of 20 million yuan by the end of the year.

The enterprise said that a decision to sign the agreement was reached so quickly because it was impressed with the development direction and business environment of the Qingdao area of the Shandong FTZ.

The Qingdao area of the Shandong FTZ covers an area of 52 square kilometers and comprises four functional zones, namely the Qingdao Qianwan Free Trade Port Zone, the West Coast Area Integrated Free Trade Zone, the Qingdao Economic and Technological Development Zone and the Sino-German Ecopark.

The area boasts a competitive industrial base and is home to COSMOPlat, one of the top global industrial internet service providers developed by Haier Group.