Overseas investment and  international cooperation have given a new impetus to the growth  of hi-tech industries in the coastal Shandong Province, said  officials in charge of foreign trade and economic cooperation here.

   The province's hi-tech manufacturing sector has absorbed some  325 million U.S. dollars of contractual overseas investment since  the beginning of this year, up 54.8 percent per annum.

   Overseas investment in computer application and biotech sectors have reached 32.81 million U.S. dollars and 32.17 million U.S.  dollars respectively, up 430 percent and 158 percent per annum.

   By the end of June, 85 transnational corporations had invested  in 187 projects in Shandong, bringing some 3.55 billion U.S.  dollars of contractual overseas investment to the machinery,  automobile, electronics, power, building material, textile,  chemical and communication sectors.

   To date, transnational corporations have set up five research  and development centers in Shandong, which have improved the  quality of hi-tech products and boosted the local economy.

   Meanwhile, hi-tech industrial development zones across the  province have carried out extensive cooperation with world  renowned enterprises during the past five years. Some 300 projects have been launched, which involve over 10 million U.S. dollars of  overseas investment.

   Shandong, a major commercial province on the east coast, has  reported fast growth in hi-tech manufacturing, software  development, new material and biotech sectors.