A potato industrial park project, jointly invested by Singaporean and Chinese companies, was recently settled in Daqing in Heilongjiang Province.

With an estimated investment value of 2.39 billion yuan (US$298.75 million), the park is planned to cover an area of 245 hectares.

According to the contract, Singaporean investors will set up 12 potato industrial projects in the next five years.

These projects are expected to produce an annual output value of 3.6 billion yuan (US$450 million) and create 2,000 jobs.

Experts said local rich agricultural resources would boost the development of the industrial park.

Statistics show that the potato output of Northeast China and the Inner Mongolia Autonomous Region accounts for at least 60 per cent of the country's total.

(For more biz stories, please visit Industry Updates)