The 11th China Bioindustry Convention & 3rd Bio-expo•Optics Valley of China opened on May 25 at the China Optics Valley Convention and Exhibition Center in the Wuhan East Lake High-tech Development Zone (Optics Valley of China) in Wuhan, Hubei province. 

On its opening day, 26 deals in bio-health were signed, worth 26 billion yuan ($ 4.1 billion). 

Of the 26 deals, 9 projects were worth more than 1 billion yuan, and 4 projects were over 3 billion yuan. 

The Wuhan Optics Valley life and Health Fund was also established at the convention, with an asset value of 5 billion yuan.

The fund signed agreements worth 13 billion yuan with 16 sub-funds, with investment expected in fields including genetic engineering, stem cell therapy, and genetic testing. 

It is anticipated such investment will boost development in the bio pharmaceutical sector.

At the convention, Beijing Genomics Institute (BGI) started an alliance with research agencies and government departments in Latvia, Laos, and the United Arab Emirates to promote cooperation in life sciences as part the Belt and Road Initiative. 

Local authorities also set out targets and guidelines for the future of the bio-health sector in the zone. 

By 2025, it is predicted that the companies from the bio-health industry in Optics Valley of China will total over 6,000 and contribute a total revenue of 800 billion yuan to the local economy. It is also hoped that the zone will have become a leading bio-industry park with an international reputation.