(Yicai Global) April 16 -- Shanghai has launched two big industrial parks with a total investment of no less than CNY50 billion (USD7.1 billion) to boost technology prowess in the fields including integrated circuits.

Contracts for around 20 projects were inked in the town of Zhangjiang yesterday, Yicai Global learned at the opening ceremony.

One of the venues is 1-square kilometer Zhangjiang Runhe International Office Garden that should accommodate tech and listed companies' headquarters. The planned floor area is 1.6 million square meters.

The other project is the Shanghai Integrated Circuit Design Industrial Park with a planned area of 4 square kilometers. The office area of 1.7 million square meters should attract thousands of firms with 100,000 employees. Sales revenues should reach CNY100 billion by 2025.

The SICDIP will mainly focus on artificial intelligence, fifth-generation wireless communications, intelligent driving, Internet of Things, memory, and microprocessor architecture RISC-V, said He Dajun, general manager of Shanghai Zhangjiang Hi-Tech Park Development.

Zhangjiang houses all types of industrial firms, such as material manufacturers, software suppliers, and even detergent producers, said Chu Qing, chief executive of Unisoc, a local IC design firm.

The IC hub in Pudong district is home to many leading firms in chip design, testing, equipment, and materials. Its IC sector employs more than 50,000 workers.

Editor: Zhang Yushuo, Emmi Laine