Yantai, a city in Shandong province, secures eight projects with a total investment of $813 million at the Fourth Qingdao Multinationals Summit held in Qingdao from Oct 10 to 12. [Photo/WeChat account: ytrb-shcj]

Yantai, a city in Shandong province, secured eight projects with a total investment of $813 million at the Fourth Qingdao Multinationals Summit held in Qingdao from Oct 10 to 12.

Among the eight projects, three are major foreign investment projects encompassing diverse sectors such as modern finance, petrochemicals, new materials, and biopharmaceuticals, which are expected to bring in $180 million in foreign investment within a year.

In particular, Yantai's strategic collaboration with Aramco, one of the world's top Fortune 500 companies, was the largest foreign-funded project ever inked at the summit and in Yantai's history. The implementation of the project is set to inject strong impetus into the transformation, upgrading and high-quality development of the petrochemical industry, an important industry that the city is focusing on cultivating.

Yantai has been keen to attract investment from transnational corporations, which are major participants in the flow of international capital, technologies and commodities and are powerful promoters of an open world and economic globalization.

The city has attached great importance to the Qingdao summit.

During the summit, the city organized a business salon inviting representatives from Fortune 500 companies to discuss the industrial landscape and potential collaborations on 16 key industrial chains.