SHANGHAI — The Lingang area of the China (Shanghai) Pilot Free Trade Zone (FTZ) attracted 23 projects with a total pledged investment of 11 billion yuan ($1.55 billion) on Sept 12.

The inked deals focus on the key development fields of the Lingang area, such as integrated circuits, AI, biomedicine, civil aviation, new energy vehicles, and equipment manufacturing.

Meanwhile, construction started on Sept 12 on three projects — a gas turbine development project, a high-end manufacturing park, and a new energy auto parts park.

After early negotiations, the Lingang area may attract another 70 projects with a combined investment of nearly 100 billion yuan, according to Zhu Zhisong, Party chief of the administration committee for Lingang area.

The Lingang area of the China (Shanghai) FTZ was officially launched in August. It will match the standards of the most competitive free trade zones worldwide and will facilitate overseas investment and capital flows and realize the free flow of goods.