An investment briefing and project signing ceremony of the China-SCO Local Economic and Trade Cooperation Demonstration Area, or SCODA, is held in Shanghai on May 10. [Photo/Qingdao News]

An investment briefing and project signing ceremony of the China-SCO Local Economic and Trade Cooperation Demonstration Area, or SCODA, was held in Shanghai on May 10, in which eight key projects with a total investment of 27.1 billion yuan ($3.9 billion) were signed.

The "1+N" investment promotion policy of SCODA was also released, which will inject new impetus for higher-level opening-up to the outside world.

Those in attendance included Ji Zhiye, former head of China Institutes of Contemporary International Relations and honorable dean of Shandong Institute of SCO Local Economy & Trade, Zhang Xinzhu, secretary of SCODA's Party working committee, officials from the SCODA and Shanghai Cooperation Organization, and representatives from business associations, more than 200 Fortune Global 500 enterprises and multinationals.

Key projects are concentrated on such fields as new energy, modern commerce and intelligent manufacturing, which will further maintain the stable supply chain of SCO member states and accelerate the construction of a modern industrial system with local characteristics.

The management committee of SCODA signed an agreement with Shanghai University of International Business and Economics to establish the China-SCO Economic and Trade Innovation and Entrepreneurship College to carry out in-depth exchanges, establish a "Trade Plus" think tank and cultivate global talents. SCODA will also cooperate with the Shanghai-based Mambo Testing and Certification Group to launch a service platform to facilitate investment and trade among SCO member states and countries involved in the Belt and Road Initiative.

An important hub for global resource allocation and the birthplace of SCO, Shanghai is a strategic forefront at the technological innovation and industrial development and a pioneer in high-level opening-up.

As a national-level platform for local economic and trade cooperation with SCO member states, SCODA will continue to maintain frequent and high-quality interactions with Shanghai. "We take economic and trade cooperation as the starting point, enterprises as the main body, and the stable supply chain of the industrial internet as the driving force," said Zhang.

During the event, SCODA also issued the "1+N" system in which "1" refers to the incentive measure to promote investment and "N" stands for an array of policies for sectors such as leading enterprises, research and development institutions, biomedicine and integrated circuits. For example, financial institutions could get a reward of up to 150 million yuan for settling in the area.

To date, SCODA has opened up 30 domestic and international train routes, reaching 23 countries and 54 cities across the SCO member states and BRI countries. Its comprehensive service platform has attracted more than 4,300 domestic and foreign companies. SCODA also accelerates the construction of platforms for capital, technology and talent, supply and industrial chains and achievements in economic and trade cooperation.