(Yicai) Nov. 7 -- Shanghai inaugurated a new industrial park project to support Italian and other European companies, particularly in the fields of civil aviation, automotive, high-end equipment, and consumer chemicals.

The first phase of the China-Italy Lingang Innovation Cooperation Industrial Park includes the China-Italy Industrial Cooperation Service Center, a development area with 16,000 square meters of industrial workshops, and a larger expansion zone, Yicai learned during the launch ceremony held at the 7th China International Import Expo yesterday.

The facilities are geared toward small and medium-sized enterprises, providing space for research and development, micro-manufacturing, and short-term trade activities. The expansion area, initially covering 66,670 sqm with plans to grow to 333,330 sqm, aims to host larger-scale manufacturing projects.

At the ceremony, the administrative committee of Lingang signed strategic cooperation agreements with Bank of China's branches in Shanghai and Milan to promote Italian business presence within the park. It also established partnerships with organizations such as the Shanghai Council for the Promotion of International Trade, Italian law firm D’Andrea & Partners, and companies including premium Italian chocolate and gelato manufacturer Venchi and industrial machinery firm PAMA.

The project demonstrates the city's commitment to fostering China-Italy collaboration across industry, trade, and culture, aiming to become a driver of technological innovation, per Shanghai’s Vice Mayor Hua Yuan.

The park is expected to become a model for cooperation between Chinese and European companies, strengthening China's relations with the European Union, concluded Yu Yuantang, director of the European department of China's commerce ministry.

Editor: Emmi Laine