By Wang Qian and Zhao Ruixue in Hong Kong

Weifang, a city in Shandong, will see its economic cooperation with Hong Kong further enhanced, after 23 deals were inked on Wednesday.

At the Weifang-Hong Kong Economic and Trade Promotion Campaign held in Hong Kong, contracts for projects with foreign investment of $2.77 billion were signed by Hong Kong companies and representatives of the Weifang delegation.

They are mainly focused on sectors of machinery manufacture, food processing, modern logistics, cultural tourism, along with real estate and urban construction.

“With rich resources and distinctive industrial advantages, Weifang has such a sound partnership with Hong Kong that the city has become our largest source of overseas investment and one of the most significant export markets,” said Du Changwen, Party secretary of the city.

“Weifang will focus on sectors of advanced manufacturing, logistics, modern agriculture and cultural industry in the next few years. We are looking for cooperation between the two sides in more areas,” Du added.

According to Du, 110 large projects in these sectors will be launched before 2015, with combined investment of 473.3 billion yuan ($77 billion). They will bring new opportunities for business people from Hong Kong. Major projects including a National Food Valley, the Dinosaur Cultural and Tourism Park, and a European-style village located in Fangzi, a district of Weifang, were introduced to potential Hong Kong investors at the event.

Statistics from the Weifang Bureau of Commerce show the city approved 786 Hong Kong-funded projects by the end of March. They brought $2.67 billion in utilized capital, accounting for 44 percent of the city’s total overseas investment.

Weifang-based enterprises were also encouraged to build facilities in Hong Kong as a way to explore the overseas market. To date they have established 45 branches in Hong Kong, covering sectors such as textile and garment, papermaking and machinery manufacture.

A total of eight Weifang-based companies have listed on the Hong Kong stock market, raising $970 million in capital.

Contact the writers at wangqian2@chinadaily.com.cn and zhaoruixue@chinadaily.com.cn