The 2019 Sino-European Entrepreneurs Summit Qingdao Forum was held in Shinan district, Qingdao, Shandong province on Nov 2. The event leads to deeper cooperation between Chinese and European enterprises.

A total of 10 projects involving finance, culture, and medical treatment were signed at the forum. The projects received a total of $400 million in investment from abroad and 3 billion yuan ($426.33 million) in investment from China.

The Qingdao Center of the Sino-International Entrepreneurs Federation (SIEF), which is aimed at promoting exchanges throughout Northeast Asia, opened at the forum. SIEF is a global non-profit organization and its members are mostly chairmen and CEOs of the world's top 500 enterprises. 

In addition, a fund was established during the forum, with 2 billion yuan available for domestic investment and $500 million for overseas investment. 

The fund will be oriented toward modern smart fishing, ocean protection, high-end equipment manufacturing, biomedicine, ecotourism, and information technology industries. It will also cooperate with industrial parks in the Qingdao International Economic Cooperation Zone.

This is the first time the Sino-European Entrepreneurs Summit has taken place in China, and Qingdao has now been designated the permanent host city of the summit due to its long history of cooperation with Europe and the important role it plays in the Belt and Road Initiative. 

The city is expected to become one of China's highest-potential economic and innovation centers within the next 10 years.