In China, the Changzhou National Hi-tech District has announced an initial investment of 19 billion yuan ($2.8 billion) towards research and development of new technologies.
The district plans to add 9 billion yuan ($1.3 billion) per year towards the construction of facilities that will house research and development projects.
The investment will fund some 182 district-level research and development projects on new and emerging technologies including photovoltaic smart energy, electric vehicles and next-generation IT equipment.
In recent years, the district has focused on attracting larger scale projects.
The aim is to attract companies into wanting to invest in the district.
The district’s goal for the year is to attract 120 high-quality projects.
Changzhou National Hi-tech District is located in the heart of the Yangtze River Delta and has 1,641 foreign-invested companies.