(Yicai Global) Sept. 7 -- Jiangsu Zhongnan Construction Group Co. [SHE:000961] and the Management Committee of Yiwu Information and Optoelectronics Hi-Tech Industrial Park will jointly establish the Yiwu Hi-Tech Zone of Zhejiang province.

Each party will invest over USD3 billion (CNY20 billion). 

The parties signed a letter of intent agreeing that they will jointly create the Yiwu Hi-Tech Zone on a strategic basis, promote regional municipal construction and continuous innovative development and build an overall strategic partnership, Zhongnan Construction said Sept. 6.

The cooperation will not be limited to investment invitation, integrated investment, financing, and construction, cooperative development, engineering procurement construction and public-private partnerships (PPP), but will also include illuminant technology town PPP projects, commercial complexes and hotels and a light-emitting diode industrial innovation complex.

Yiwu Information and Optoelectronics Hi-Tech Industrial Park was conceived in February, with a planned area covering 143 square kilometers housing 286 companies and 22 national-level hi-tech enterprises. The park's east side is mainly planned for hi-tech industries. An advanced industrial group led by semiconductor lighting and information data and fashionable apparel will cluster in the east. The park's west side will focus on the cultivation and introduction of domestic and foreign universities, scientific research institutes, science and technology and seek to concentrate high-level creative talent.