The Qingdao National High-tech Industrial Development Zone and consumer electronics and home appliances company Haier Group on April 17 signed a cooperation agreement in Qingdao, Shandong province.

According to the agreement, the Qingdao High-tech Zone and Haier will enter into a partnership for comprehensive strategic cooperation, and join hands in building an incubation center for startup enterprises, in a bid to support innovation and entrepreneurship as well as promoting the transfer of technological research achievements.

So far, the High-tech Zone is home to more than 360 small and medium-sized innovative enterprises being incubated. The latest deal with Haier will add another more than 300 startups, which are on Haier's platform for startups, to the list.

The two sides will fully share their resources on the platform, work together to push forward the startup and innovation projects in the High-tech Zone and Haier's innovative and emerging industries, and facilitate cooperation among entrepreneurs.

In addition, the two sides will jointly set up a 200-million-yuan ($32.25 million) fund for startups, with special support going to TMT, medical, intelligent manufacturing and related industries and projects on Haier's platform for startups. The fund will also facilitate efforts in helping projects settle in the High-tech Zone and providing one-stop policy support and business services for micro and small projects.