Shandong province has been promoting in-depth cooperation with multinational corporations to cultivate a number of emerging industry clusters and boost regional high-quality development, local media reported.

On July 2, at a Hyundai Transys plant in the Rizhao Economic and Technological Development Area, a new automatic transmission internal module production line was operating smoothly.

Rizhao Port in Shandong province [Photo/VCG]

The production line was recently relocated from the headquarters of Hyundai Transys in South Korea. The gearboxes assembled will be mainly supplied to enterprises in Beijing and Jiangsu province and exported to vehicle production enterprises under Hyundai Group in South Korea, Indonesia, and other countries.

According to Rizhao officials, the auto and auto parts supporting industrial park in the Rizhao Economic and Technological Development Area has attracted more than 40 enterprises from South Korea, Japan, Europe, and the United States. It has received a total investment of $3.3 billion in investment and focuses on products such as engines, gearboxes, axles, molds, and supporting parts.

The Hyundai Transys automatic transmission project in Rizhao is a result of deepening industrial cooperation between Shandong and multinational corporations, said Shandong authorities.

In recent years, Shandong has been ramping up efforts to deepen cooperation with multinational companies to boost the development of key and emerging industries and foster new growth drivers to advance high-quality development.

"Since the beginning of reform and opening up, by attracting foreign investment and developing the manufacturing industry, Shandong has worked to integrate the provincial economy into the global industrial chain," said Gu Chuntai, deputy director of the Institute of International Economics of the Shandong Academy of Social Sciences.

Gu noted that Shandong should next work to broaden and elongate the industrial chain and carry out deeper cooperation with multinational corporations in key industries and fields.