Ten industrial projects with a total investment of 7.8 billion yuan ($1.1 billion) were signed into effect in Hefei National High-tech Industrial Development Zone on March 3.

The projects mainly relate to smart manufacturing and artificial intelligence and are expected to enhance the zone's strength in these fields.

New plans to promote the high-quality economic development of the zone were also unveiled by local government officials during the signing ceremony.

The zone will strive to foster eight enterprises with annual revenue exceeding 10 billion yuan by 2020 and 20 such enterprises by 2025. It will form several industrial clusters led by these enterprises.

The zone will also strive to cultivate around 50 leading entrepreneurs with strong management skills every year in order to enhance the competitiveness of enterprises, which will in turn foster 500 young influential entrepreneurs and attract 5,000 young innovators and entrepreneurs to the zone over the next five years.

Song Daojun, director of the management committee of the zone, said the new projects and plans will help optimize the business environment in the zone.

Representatives of renowned enterprises such as local high-profile sci-tech enterprise GuoChuang Software Co Ltd and the world's largest appliance maker Whirlpool Corp attended the ceremony and exchanged views on how to develop enterprises and industries.

Entrepreneurs discuss industrial development in Hefei National High-tech Industrial Development Zone on March 3. [Photo/WeChat account: hefeigaoxinfabu]