Nanjing's Jiangning District local government has signed an agreement with Time Innovation Ventures, a US venture capital company, to build a microelectronics industrial park.

Under the agreement, Time Innovation will provide US$2.8 billion investment by 2006 for the construction of the Nanjing Microelectronics Industrial Park. The park is expected to house three semiconductor closed test enterprises, four six-inch and 8-inch chips factories, and two 12-inch chips factories.

It is expected that upon completion of the project, Nanjing will serve as a "carrier base" for China's semiconductor industry.

The Nanjing Microelectronics Industrial Park will be located in the southwest part of Jiangning District. It will occupy six square kilometers and construction will be initiated within this year.