People visit the Exhibition on Multinationals and China in Qingdao, East China's Shandong province, on June 19, 2022. [Photo/VCG]

With the breakthrough of transforming old growth drivers into new ones in Shandong, the province plays an increasingly important role in the Chinese layout of multinational companies by steadily expanding cooperation areas, local media reported. 

Yihai Kerry Group, a leading international agricultural and food company, has long been a partner of Shandong's development and a representative of the continuously increasing investment in Shandong.

The company has invested $1.8 billion in the China-SCO Local Economic and Trade Cooperation Demonstration Area in Qingdao to build a food industrial park, which is expected to generate an annual output value of 45 billion yuan ($6.7 billion) after completion. 

The food industrial park will draw additional top food companies to the area in an effort to take use of the zone's advantages in connecting global resources. This will create a full industry chain from R&D and innovation to product sales.

In recent years, Shandong's growth and organization in the hydrogen energy industry have been of utmost importance to the US-based Air Products & Chemicals Inc, the largest industrial gas provider in the world and an investor in Shandong dating back to 1995.

"During the 14th Five-Year Plan period (2021-25) and beyond, we look forward to continuing to work with the government, customers and partners to bring world-leading technologies and experience to the Chinese market, help achieve the goals of 'carbon peaking and carbon neutrality', and contribute to the green and low-carbon development of Shandong and China," said Choon Seong Saw, president of Air Products China.