HIKVISION, China's leading supplier of surveillance products, decided to establish its research and development fabrication base in Xi'an High-tech Industrial Development Zone in Xi'an, capital of Shaanxi province, to further grow its business.

A strategic cooperation framework agreement was signed by the Xi'an municipal government and HIKVISION, a high-tech company headquartered in Hangzhou, capital of Zhejiang province, on Monday, and an agreement for the base's investment and construction in the zone was also signed by HIKVISON and the zone.

According to the agreements, HIKVISION will build R & D base that will provide more than 10,000 job opportunities for local residents. The company will also cooperate with the city government to transform Xi'an into a smart city with the help of enhanced construction and management.

HIKVISION is a listed company controlled by central enterprise China Electronics Technology Group Co, Ltd and a world leading security products and industry solutions provider that provides advanced video products, professional industry solutions and content services. In 2015, its operation income reached 25.3 billion yuan ($3.64 billion) and its net profit was nearly 6 billion yuan.