Zhang Shuping, Party secretary of Yantai, delivers a keynote speech to lure investment at a promotional conference in Hangzhou on April 11. [Photo provided to chinadaily.com.cn]

The Yantai government hosted an investment promotion conference in Hangzhou, Zhejiang province on April 11, aiming to attracting more Zhejiang companies to invest in the coastal city.

More than 200 entrepreneurs from Yantai, Hangzhou and Shanghai gathered to seek opportunities in trade cooperation.

Zhang Shuping, Party secretary of Yantai, delivered a keynote speech introducing the city's preferential investment environment, prosperous economy and ever-expanding opening-up policies.

Yantai, an industrial hub in East China’s Shandong province, has huge potential in developing the maritime economy with its vast maritime resources and long coastline.

The city is working to cultivate emerging industries as well as further develop its eight leading industries, including equipment manufacturing, biological medicine, modern logistics and high-end chemical industries.

According to Zhang, it has set up a fund of 300 billion yuan ($43.5 billion) to aid in the transformation of old growth drivers.

Zhang also spoke highly of Zhejiang entrepreneurs and expressed thanks for the contributions they have made to past reform and opening-up.

In recent years, Zhejiang companies have invested 23 billion yuan into 16 projects intended to fuel the city's economic development.