Thirty-four projects with a total investment of 80.84 billion yuan ($11.16 billion) were signed in the China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation in Qingdao on Oct 26.

In addition, construction began on 54 projects with a total investment of 49.94 billion yuan in the China-SCO demonstration zone on the same day.

The China-SCO demonstration zone signs 34 new projects worth 80.84 billion yuan ($11.16 billion) on Oct 26. [Photo/Qingdao News]

Located in the Jiaozhou Economic and Technological Development Zone in Qingdao, the China-SCO demonstration zone is designed to create a better platform for international cooperation under the Belt and Road Initiative, and foster collaborations in logistics, trade, investment, tourism and culture.

Since the beginning of this year, the local government has stepped up efforts to promote the construction of the demonstration zone. A special working team has been set up to promote its high-quality development.

Among the 34 new projects, 30 domestic projects involve a total investment of 69.09 billion yuan, while four foreign-funded projects will receive $1.81 billion in investment.

Construction begins on 54 projects in the China-SCO demonstration zone on Oct 26. [Photo/Qingdao News]

There are 10 new energy and new materials projects with a total investment of 20.85 billion yuan, eight commercial logistics projects with a total investment of 26.4 billion yuan, and four new generation information technology projects with a total investment of 7.1 billion yuan.

The new projects will inject fresh vitality into local development and help build the demonstration zone into a pioneering area for local economic and trade cooperation under the BRI, said local officials.