Sino-Korea Free Trade Area Industrial Park achieves intelligent development

WEIHAI, China, Oct. 14, 2022 /PRNewswire/ -- A news report from CRI Online: The Sino-Korea Free Trade Area (FTA) Intelligent Industrial Park located in the Local Economic Cooperation Demonstration Zone of the Sino-Korea FTA is on track to become the driver for the industrial transformation of Weihai Economic and Technological Development Zone. Eleven factories as well as support facilities for R&D and the provision of power spread over 280,000 square meters of floor space are scheduled for construction. The industries targeted for development in the park are high-end manufacturing, information technology, precision machinery and renewable energies. The addition of this smart component to the Sino-Korea FTA Industrial Park, once in operation, will go a long way at adding intelligence to the operations of the whole of the park.

Substantial attention from the management of Weihai Economic and Technological Development Zone has been given to completing the construction of the Sino-Korea FTA Intelligent Industrial Park on time and as efficiently as possible. In setting the requirements for the layout and operations of the park's facilities, the Zone's management has noted that equal importance will be given to the both the quantity and quality of output from the projects, that management will be actively involved in guiding and overseeing the construction of the facilities, and that the process will follow a weekly scheduling, monthly notification and quarterly ranking format, with the end goal being the ability to attract investment, assure that construction proceeds as scheduled and that service excellence is always provided. This year, 90 key provincial and municipal projects have been scheduled, of which the construction of 76 projects are already underway, indicating an 84.4% start rate.

With the development and launch of focused industry clusters as the business model, the Sino-Korea FTA Intelligent Industrial Park expects to attract high-end equipment manufacturing and similar worthwhile industrial projects. Weihai Guang'an Urban Construction Investment is setting up a professional investment promotion team whose role will be to attract targeted investment, identify and secure the necessary resources, explore cutting-edge technologies, bring in major projects and accelerate the industrial transformation to ultimately produce and provide quality products and services.