A technician with Shengrui Transmission examines a front-drive eight-gears auto transmission unit produced by the company. Located in the Weifang Hi-tech Industrial Development Zone, the company is a winner of the National Science and Technology Progress Award in January last year. [Photo provided to China Daily]

Companies in the Weifang Hi-tech Industrial Development Zone are looking for international partners in order to strengthen their long-term development, and officials and business leaders there said they were making good progress.

Chinese equipment manufacturer Weichai Group, headquartered in the zone and currently in a key phase of its business upgrade and transformation, hosted the first suppliers gathering there since it was established, aiming to deepening cooperation with companies overseas.

More than 220 representatives from more than 100 companies participated in the meeting on Feb 26. Officials said that Weichai Group in recent years has taken on great responsibilities in supporting Shandong's efforts to replace old economic development drivers with new ones.

The company has announced an ambitious plan to achieve annual sales revenue of more than $100 billion in the upcoming years, compared with sales of about 220 billion yuan ($34.4 billion) last year. For both Weichai and its suppliers, that kind of exponential growth means tremendous business opportunities will spring up.

In line with that, Weichai is building an industrial park in the zone to support its production and upgrade.

Global vehicle parts suppliers and service providers are encouraged to set up production facilities in the park.

Meanwhile, Weichai's German supplier, Mann+Hummel has decided to utilize its knowhow to enhance the speed of its responses to Weichai's requests and apply better controls on its costs to support Weichai's development plan.