A signing ceremony for key projects is held in Qingdao on June 20 during the third Qingdao Multinationals Summit. [Photo/Dazhong News]

The coastal city of Qingdao in Shandong province inked deals totaling $2.34 billion for 13 key projects at a signing ceremony held during the third Qingdao Multinationals Summit on June 20.

The projects have contracted foreign capital worth $1.24 billion in total and include six Fortune Global 500 companies' investments, which signify multinational companies' confidence in Qingdao.

In terms of industrial distribution, the projects are mainly concentrated in the fields of biomedicine and medical care, high-end manufacturing and modern finance. They are expected to give a boost to the development of Qingdao's modern industries.

South Korea's Hyosung Group will add an investment of $30 million to build a new project in Qingdao West Coast New Area to engage in the production and sales of new materials.

British pharmaceutical giant AstraZeneca will establish a manufacturing and supply base in Qingdao. Three years after the project is put into operation, the annual output value of the base is estimated to reach 10 billion yuan ($1.49 billion).

British financial firm Lloyds TSB will launch the Lloyds (China) Qualified Foreign Limited Partnership (QFLP) fund project and cooperate with large enterprises to initiate the establishment of QFLP fund products in Qingdao.