The eastern coastal city of Qingdao, Shandong province has vowed to develop itself into an ideal destination for global investment by improving its business environment.

Official data show that in the first three quarters of this year, Qingdao launched 49 large projects, each receiving over $100 million in investment, while Fortune Global 500 companies funded 19 new projects in the city.

Qingdao serves as a sub-venue for the Japan session of the "Connecting Shandong with Fortune Global 500" series on Nov 10. [Photo/guanhai.com.cn]

During the recently-concluded big business promotional event "Connecting Shandong with Fortune Global 500" held by the CPC Shandong Provincial Committee and the Shandong Provincial People's Government, Qingdao once again demonstrated its appeal to transnational corporations.

During the event, Qingdao signed agreements for six projects with industry giants from Italy, Singapore, the United States, South Korea, and Japan, which will receive a combined $633.1 million in investment.

Qingdao is strategically located as it serves as the easternmost point of the New Eurasian Land Bridge and as an important hub on the 21st Century Maritime Silk Road.

Qingdao has become an ideal destination for global investment due to its favorable business environment. [Photo/VCG]

The city boasts a pleasant living environment, a rich culture, and advanced infrastructure, creating ideal conditions for the development of multinational companies.

The city is also a leader in marine science and technology and home to more than 30 percent of universities and research institutes, 50 percent of researchers, and 70 percent of top experts and academicians in the field in China.

"The city has a well-structured industrial system covering 36 of 41 industrial categories, which making it easy to cooperate with companies from all parts of the industrial chain," said an investor from Japan.

"We are so satisfied with the investment environment in Qingdao that our Japanese parent company has decided to invest in another company in the city," said Zheng Rongya, deputy general manager of Qingdao Sinto Machinery Co.