Weifang Hi-Tech Industrial Development Zone celebrated the groundbreaking of a healthcare industrial park with a total investment of 3.85 billion yuan ($555.94 million) on June 12.

The industrial park, also known as the Small Town of Healthcare in the zone, is a joint project of consumer products manufacturing giant Procter & Gamble and Guangzhou-based personal care product maker Jofo Group. The annual industrial output value of the park is expected to reach 30 billion yuan upon completion, according to the zone's officials.

"We have many people in Cincinnati that have been working on this project for many years," said Jeff Darner, chief engineer of P&G Group. "They are all excited that this project is going to take place in this wonderful facility."

Zhao Minzhong, chairman of Jofo, said the zone's top-notched services and good business environment were keys to attracting the company to the zone.

Jofo will build a joint research and development platform in the zone with P&G to strengthen new materials development. It will also build a nonwoven materials production line.

Zhao said the industrial park also allows Jofo to strengthen its partnership with leading companies such as Switzerland's Oerlikon Group.

He said Jofo will move its Chinese headquarters from Guangzhou, Guangdong province, to the zone. Meanwhile, the company plans to attract more than 20 companies involved in smart manufacturing, automated warehousing and logistics, and e-commerce along its industrial chain to the zone.

East China's Shandong province has become one of the most preferred business destinations for global investors in recent years. The zone, a front-runner in Shandong's efforts to promote regional economic growth, has spared no effort in attracting global leading businesses to replace old economic development drivers with new ones, said zone officials.

In 2019, representatives from the zone have made 73 trips to businesses in cities such as Beijing, Shanghai and Suzhou in Jiangsu province and have signed agreements on 38 investment projects with total investment of 31.29 billion yuan.

This year, construction of 15 projects has started, which will involve a total investment of 22.45 billion yuan.

Construction of some key projects such as Weichai Group's new energy power industrial park and Goertek's smart hardware industrial park has sped up.

Weichai will also build a 2,000-hectare industrial park, allowing more than 500 of Weichai's suppliers to settle down in the high-tech zone.