(Yicai Global) August 29 -- East Lake High Technology will work with the local government of China's western Chongqing to build a semiconductor production and development industrial park.

The company will invest CNY180 million (USD26.82 million) in the 1.5 million square-meter park, the Wuhan-based firm said in a statement, with construction to take 36 months.

The park will take IC design as its focal point and develop products for automotive electronics, artificial intelligence, Internet of Things, intelligent terminals along with other emerging industries.

The two sides will also set up a fund for special industries with semiconductor as the core to invest and incubate semiconductor technology innovation projects.

Editor: William Clegg