OREANDA-NEWS. Mitsui & Co., Ltd., together with JGC Corporation and Chongqing Liangjiang New Area Development & Investment Group Co., Ltd., a wholly state-owned company under the Chongqing Liangjiang New Area Administrative Committee, has been approved for establishing a joint venture company by Government on February 1, 2013.

The joint venture company will produce an urban development master plan for the Yulin Business Park to be developed in the Chongqing Liangjiang New Area and will also be involved in promotional activities for inward investment for the Business Park. Liangjiang New Area Development & Investment will hold a 50% stake in the joint venture company, and Mitsui and JGC will own 25% respectively.

This is the first business park in inland China in which Japanese companies have been given exclusive rights to promote inward investment by foreign companies, allowing them to select sites and participate in early stages, including developing its master plan. Through the joint venture, Mitsui will develop the master plan for the Business Park with JGC in close collaboration with Chongqing City. The aim is to go beyond conventional business parks to create an integrated urban area with town planning that will also emphasize environmental protection and energy conservation.

The Liangjiang New Area was established based on a State Council ordinance in 2010 in Chongqing, the largest city in inland China. The area has already become a growth driver for China's third state-level development area after the Shanghai Pudong New Area and the Tianjin Binhai New Area.