A total of 29 investment projects worth 6.5 billion yuan ($970 million)) break ground in Yinzhou district of Ningbo, East China's Zhejiang province on Nov 26. [Photo/cnnb.com.cn]

A total of 29 investment projects worth 6.5 billion yuan ($970 million) broke ground in Yinzhou district of Ningbo, East China's Zhejiang province on Nov 26, local media reported.

The projects primarily focus on automobiles, new materials, biomedicine, energy conservation, environmental protection, high-end equipment and smart home appliances.

The total output of the projects is projected to ultimately reach 16 billion yuan.

The district government is looking to accelerate industrial transformation and inject new impetus into local industrial economic development.

One particularly important project is an auto part and new materials industrial park funded by Wangyang Group

The park, with a total investment of one billion yuan, covers an area of 179 mu (11.9 hectares). It will integrate factories, business offices, apartments, and warehouses, and is expected to generate an annual output of 1.8 billion yuan by 2022.

Another key project is a semiconductor manufacturing base funded by SGS.

SGS is a joint venture mainly specializing in the retrofitting, refurbishment, installation, maintenance and sales of semiconductor equipment and accessories.

The semiconductor base, at a cost of 700 million yuan, is expected to produce 1.6 billion yuan in output each year after being put into operation.

In the first 10 months, industrial investment in Yinzhou district had reached 4.8 billion yuan.