Shandong companies secure 8m yuan in funding

The Industry and Information Technology Bureau of Weihai – which is located in Weihai city in East China's Shandong province – recently released a list of companies approved for the 2022 Industrial Enterprise Intelligent Transformation Support Fund.

Some 14 enterprises, including Shandong WEGO Pharmaceutical Co Ltd based in the Weihai Torch High-Tech Industry Development Zone, were selected and collectively awarded a total of 8.18 million yuan ($1.12 million) in transformation support funds.

A breathtaking seafront view of Weihai city. [Photo by Gao Xin for chinadaily.com.cn]

It's understood that the 14 projects require a total investment of 3.6 billion yuan, out of which 3.1 billion yuan will be spent on equipment acquisitions. On completion, the transformation and improvements are projected to increase annual sales revenue by 4 billion yuan, contributing 630 million yuan in taxes.

Among the projects, four are in the pharma and medical equipment industry, four in the printing equipment and smart service terminals sector, three in the automotive industry, two in the fishing equipment sector and one in another industry.

Overall, the projects are expected to take a leading role in promoting healthy and sustainable development in the region. (Edited by Zhou Yunlai)