A photoelectric display industrial park, the first of its kind in the eastern hub of Qingdao, Shandong province started construction on Oct 10 in the West Coast New Area.

The foundation stone laying ceremony of a photoelectric display industrial park is held on Oct 10 in Qingdao West Coast New Area. [Photo/qingdaonews.com]

With a total investment of 3.5 billion yuan ($542.85 million), the industrial park is invested and constructed by Zoina Hi-Tech and a Beijing-based venture capital firm. The first phase of the project will span 11.27 hectares.

Focused on the new generation of information technology, the park will introduce high-quality enterprises in fields such as optoelectronics, new materials, electronic communication and intelligent equipment.

The park is expected to have an annual output value of about 2 billion yuan and create more than 3,000 jobs.

The project will contribute to local government's efforts in building Qingdao West Coast New Area into a highland of photoelectric display industry in North China, said Qingdao authorities.

Qingdao West Coast New Area boasts a vibrant economy. [Photo/qingdaonews.com]