SHANGHAI, Apr. 1 – Zhangjiang High-tech Park located in Pudong New Area still continues to be a top destination for FDI with a recent signing of contracts with local and international companies worth an estimated RMB4 billion.

Government officials told Shanghai Daily that the investment is expected to generate more than RMB20 billion in output in the next two years.

Last year, Zhangjiang Park was able to secure 149 foreign investment projects amounting to US$1.295 billion; an increase of 8.8 percent from the previous year.

The park also qualifies for a RMB1 billion industrial fund set by the government to develop its bio-pharmaceutical industry.  The pharmaceutical industry in the park reported earning of RMB9.53 billion last year, an increase of 15 percent.

Chen Guoxiang, board chairman of Shanghai Genon Bio-engineering Co. told Shanghai Daily: ”It usually takes more than US$1 billion and over 10 years to develop a new medicine.”

Previously, the park was able to host the initial research stage for  medicines, but many had to be shifted to companies outside the park when the clinical research stage came because of lack of funds.