China State Shipbuilding Corporation (CSSC) and Wuxi government signed a cooperation framework agreement for a marine information sensing industry fund worth 15 billion yuan ($2.3 billion) on May 16, Wuxi Daily reported.

Li Xiaomin, Wuxi Party secretary and Dong Qiang, chairman of CSSC attended the signing ceremony.

The industry fund will mainly be invested in ocean related industries, balancing upstream and downstream firms and business-connected companies, with market-oriented operation and an effective incentive and restraint mechanism. It offers powerful capital drive to develop sea related industries and technologies, as well as supporting the incubation of marine high-tech enterprises and promoting the construction of an ocean detection technology industrial park in the city.

The marine industry is a strategic emerging business with great potential and good development prospects in the 21st century. Li said that Wuxi is striving to increase efforts in support of developing its marine industry which it wishes to improve in both scale and level. He hoped that CSSC will further support regional economic development as Wuxi’s strategic cooperation partner and implement its base in the city.

Dong expressed his thanks to the Wuxi government for its concern and strong support over the years. He said the investment fund is set to improve marine technologic innovation and create enormous opportunities in the industry.

In their last meeting, the two sides spoke of pushing forward the establishment of a national industrial park of ocean detection technology as well as creating the marine information sensing industry fund, both of which have proceeded smoothly.