(Yicai Global) March 12 -- Some 42 companies signed fifth-generation networking investment deals worth CNY13 billion (USD1.9 billion) today at a ceremony that took place in Shanghai to celebrate the opening of the city's first 5G industry park.

The sponsored projects will all be sited within the new park, The Paper reported today. They include innovation platforms, research and development centers, corporate headquarters and investment funds focusing on the integration of 5G and vehicles, manufacturing and data hubs.

Another 20 projects, with investment tallying more than CNY5.4 billion and gross floor area of 520,000 square meters, broke ground the same day at the park, located in Jinqiao, Pudong New Area, in the suburbs of Shanghai.

The city began preparatory work for the park last year and has already lured in some big names in the industry. Huawei Technologies plans to build a 5G innovation center there, China Mobile Shanghai is setting up an application innovation center, SAIC-Jiangxi Lianchuang Electronic is building an innovation center for connected vehicles, and the China Academy of Information and Communications Technology is creating a lab to establish 5G standards.

Editor: James Boynton