Shandong province is accelerating the implementation of projects signed at the Qingdao Multinationals Summit (QMS), with the aim of fully leveraging its spillover effect.

During the three previous summits, 195 foreign investment projects in high-end equipment manufacturing, new generation information technology, new energy, and new materials worth $27.42 billion in investments were signed.

As one of the contracted projects of the third QMS in 2022, the Zhongdi Dairy Group's foreign investment project in Yinan county, which involves the daily processing of 1,000 metric tons of fresh milk, is expected to commence operations by the end of this year.

Backed by an investment of 1.83 billion yuan ($250 million), the project will involve the development of a high-end dairy product processing line and the creation of a modern enterprise that integrates production, processing, tourism, and experiences.

As of Oct 8, 240 multinational corporations (MNCs) from 36 countries and regions outside China have registered for the summit. Among them, 146 MNCs are participating for the first time.

Zhang Qingwei, deputy secretary-general of the Secretariat of QMS, said that the summit is committed to bolstering cooperation between multinational corporations and China.

Chen Fei, director of the Department of Commerce of Shandong Province, said that Shandong is sparing no effort in converting the resources from summit guests into valuable assets for investment attraction, promoting project cooperation in industrial docking and further expanding the influence of the summit.