Qingdao West Coast New Area, an economic hub in Shandong province, launched a new investment drive in Beijing on Tuesday, showcasing its strengths to attract investors.

At a business promotion event, local officials met with representatives from over 200 state-owned and private enterprises, more than 100 investment agencies, and 15 trade organizations. They discussed cooperation and investment opportunities, offering favorable policies and support for businesses considering investments in the area.

During the event, officials signed 31 agreements with companies committing to invest a total of 45 billion yuan ($6.3 billion) in projects spanning biomedicine, semiconductors, high-end chemicals, and new energy.

Established in 2014 in Huangdao district with approval from the State Council, Qingdao West Coast New Area covers 2,096 square kilometers of land and 5,000 square kilometers of water. It is the second national new area focused on maritime industries, following Zhoushan Archipelago New Area in Zhejiang province.

Tasked with advancing marine technology, supporting deep-sea exploration, and leading international cooperation in the marine economy, the area has seen rapid growth. Its total economic output surpassed 500 billion yuan last year, and it now hosts more than 190,000 companies, including 1,500 high-tech enterprises.