The Singapore-Ningbo Innovation Forum 2019 is held in Haishu district in Ningbo, East China's Zhejiang province, on June 27. [Photo/zj.zjol.com] 

Haishu district in Ningbo, Zhejiang province, will build an innovation industrial park with the famous Singapore-based real estate group Capitaland, according to the Singapore-Ningbo Innovation Forum 2019, held in the district on June 27.

The two sides will make joint efforts in overall planning, infrastructure construction and industry introduction to make the park well-appointed, environmentally-friendly and intelligent.

Haishu district has been devoted to the digital economy in recent years, with many cutting-edge industrial platforms being introduced, such as a research institute for the industrial internet and an intelligent manufacturing institute.

The district also took the initiative in the city to release a three-year action plan for the digital economy in January.

"The to-be-built park is the first one in Zhejiang whose planning, construction and operation is primarily being done by a Singaporean company. It will focus on electronic information, new materials and biopharmaceuticals, and will contribute a lot to the local economy," said a local official.

According to the plan, the park will have a size of 1 million square meters and the first phase of the project will be completed in 2021.

Local authorities aim to increase the value of the district's digital industries to more than 12 billion yuan ($1.75 billion) in 2021, which will see its digital economy take up more than half of its GDP.

"Singapore and Ningbo will strengthen bilateral trade through the forum and conduct more innovation-oriented cooperation," said Shen Ying, director of the Ministry of Communications and Information of Singapore.

A computer-generated image of the to-be-built Sino-Singapore (Ningbo) Industrial Park in Haishu district [Photo/zj.zjol.com]