A video conference successfully links major European corporations with Yantai on Aug 27. [Photo/WeChat account: yt6666001]

Yantai, a coastal city in East China's Shandong province, forged more valuable trading and commercial links with European Fortune 500 companies following a key event, according to local officials.

They said the Europe Special of the "Connecting Shandong with Fortune Global 500" event, Yantai branch venue, met with considerable success when it took place there on Aug 27.

The event was designed to promote business and exchanges between Yantai and Fortune Global 500 companies from Europe via a video link.

Representatives from four Yantai projects with a total investment of $158 million signed contracts with Fortune Global 500 companies and transnational corporations from France, Italy, and Germany at the Yantai branch venue and the Shandong main venue.

Officials said the projects covered the fields of high-end equipment manufacturing, biological medicine and healthcare.

They included the Italian LPR Group's automotive brake system project and a manufacturing plant with French industrial gas and services company, the Air Liquide Group.

Zhang Shuping, Party secretary of Yantai delivers a speech to the conference. [Photo/ytcutv]

Zhang Shuping, Party secretary of Yantai, attended the conference and talked with Will Li, chairman of Linde China via a video link.

Linde Group is a leading international industrial gas and engineering company and it developed a close partnership with Yantai-based Chinese-listed Wanhua Chemical.

Officials said the two sides had established a joint venture with a total investment of 2.7 billion yuan ($393.3 million) in 2011.

Li said that he hoped more European business deals would be made with Yantai, adding that Linde Group is planning to invest $150 million in Yantai to develop the new energy and healthcare industries.

Accordingly, Yantai has a long history of commercial exchanges with Europe. To date, more than 680 projects in Yantai have been funded by European companies with their cumulative foreign direct investment reaching $1.5 billion.

Europe has become the second biggest import and export continent for Yantai, with total import and exports worth more than 51 billion yuan in 2019, up 22 percent year-on-year.

Zhang urged European companies to make full use of their opportunities and further expand links with his city.