APEC Yantai Science and Technology Industrial Park signed agreements on three foreign-funded projects Saturday, during the current Second APEC Investment Mart opened in this east China's coastal city the same day.
The projects are to be funded by two firms from the Republic of Korea and one company from Australia -- a refrigerating apparatus plant with US$12.8 million from the Korea Young Shin Industry Co., Ltd., a braking apparatus and stationary project with US$12 million from the Korea Lailite Co., Ltd., and an Australia Commercial and Trading City project worth US$15 million.
In 1998, Yantai, which has hosted a series of APEC programs in recent years, started to build this APEC-related industrial park with the approval of the APEC and the Chinese government.
The park is located in the Yantai Hi-tech Development Zone, covering 75 sq. km and consisting of a Sino-Russian hi-tech cooperative zone and four research centers on bio-engineering, new materials, fine chemical products, and electronic and information technology.
To date, more than 200 companies from over 30 foreign countries and regions have set up operations in the park, with a total overseas investment of US$120 million.