An aerial view of the Biomedical Industrial Park in Taicang. [Photo/WeChat account: tcfbgw]

Twenty-four projects recently broke ground or started operations at the Biomedical Industrial Park in Taicang, East China's Jiangsu province, local media reported on June 28.

The eight projects that opened businesses have attracted a total investment of 1.5 billion yuan ($232.2 million). When fully operational, they are expected to generate 2.3 billion yuan in annual output value.

The 16 projects that were inaugurated attracted 5.46 billion yuan in investment and are expected to generate about 2.22 billion yuan in annual output value.

Local authorities said that Taicang has intensified its efforts in recent years to bolster the development of its bioengineering and biomedicine industries.

The city is now home to more than 140 biomedicine companies which generate nearly 20 billion yuan in annual revenue.

According to the local government, Taicang is aiming to have 500 biomedicine companies and an industry value exceeding 50 billion yuan by 2025.

Shaxi town, where the Biomedical Industrial Park is located in, has set a goal of attracting 200 biomedicine companies by 2022.