A project signing ceremony is held during the rare earth forum, Dec 20. [Photo provided to chinadaily.com.cn]

During the 13th Baotou China International Forum, which opened on Dec 20, 54 major projects in the rare earth sector were signed, with investment hitting 20.74 billion yuan ($3.25 billion), according to Baotou Daily.

Baotou, China's leading supplier of rare earth materials, has long been committed to developing its rare earth industry, with Baotou Rare Earth High-Tech Industrial Development Zone serving as its base.

The city has successfully hosted the forum every year since 2009, boosting its image throughout the industry.

At the signing ceremony, Baotou Rare Earth High-Tech Industrial Development Zone signed cooperation agreements on investment promotion projects with 40 companies, including Advanced Technology & Materials Co, Beifang Rare Earth Group Technology Co and Huawei Cloud.

The contracted projects focus on permanent magnets, hydrogen storage, polishing, luminescence, and the extended application of magnetic materials.