Representatives attend the launch ceremony for the Wuhan Institute of Industrial Innovation Development in Optics Valley on June 9. [Photo/WeChat account of Optics Valley]

The new Wuhan Institute of Industrial Innovation Development was officially launched on June 9 at the Life AI Center -- located in the Biolake in the East Lake High-tech Development Zone, also known as Optics Valley of China.

A preeminent national technology hub, Optics Valley is situated in Wuhan, capital city of Central China's Hubei province.

A new type of research and development institution approved by the Wuhan city government, the institute will be mainly engaged in industrial strategy research, scientific research and technology development, the commercialization of sci-tech achievements, sci-tech innovation services, industrial investment incubation ventures, personnel recruitment and training, among others.

Wuhan plans to set up a special fund to invest 1 billion yuan ($156.6 million) every year for five consecutive years, for the construction and development of the new institute.

During the launch ceremony, some 30 institutions and tech teams signed cooperation agreements with the newly established institute, including Hubei Optics Valley Laboratory, the National Innovation Institute of Digital Design and Manufacturing and the National Optoelectronics Innovation Center.

The institute is now recruiting deans globally and will select one dean and three vice-deans.