Participants of the "Connecting Shandong with Fortune Global 500 & Deepening Shandong-EU Cooperation" event in Yantai on June 18 [Photo/jiaodong.net]

Yantai and Germany signed an agreement to build an international bioregenerative medicine center during the "Connecting Shandong with Fortune Global 500 & Deepening Shandong-EU Cooperation" event in Yantai on June 18.

The $35 million project, which will be based in Yantai, will focus on developing biotechnology talent and cooperate with the European Wellness Academy in Edenkoben, Germany to provide regenerative medicine training services related to disease management and medical beauty treatment.

The event, which was held online and offline, was part of Shandong's efforts to participate in the new dual-circulation development pattern of the country.

Yantai has in recent years established close trade cooperation with European Union. From January to May this year, the city introduced seven projects from the EU with a total contracted foreign capital of $57.09 million.

To date, a total of 506 projects from EU countries have been launched in Yantai with contracted foreign capital amounting to $2.8 billion and actual utilization of foreign capital totaling $1.2 billion.

In 2020, imports and exports between Yantai and the EU were valued at 35.86 billion yuan ($5.55 billion). As of May, 46 Yantai enterprises had invested in EU countries projects covering the fields of chemical raw material production, water transportation, trade service, wine production, and precision components processing.