The mayor of Tianjin in China has said he would welcome overseas investment in the Tianjin New Coastal District development.
Speaking at the opening ceremony of 2006 Tianjin Week in Hong Kong, mayor Dai Xianglong said that the new district would expand regional development, but could not meet its potential without overseas investment.
Plans for the district are expected to cost as much as $3.2 billion overall, encompassing leisure and travel projects and transport links as well as property developments.
Transport infrastructure will also be a priority, including the expansion of Tianjin international airport and a railway linking Tianjin to the Chinese capital Beijing.
The mayor told the delegates at Hong Kong-Tianjin week that the plans for the coastal district were included in the central government's 11th five-year plan, according to China's Xinhua news agency.
Following the conference Mr Dai is to travel to London and Paris to discuss investment opportunities with European business executives there.
Situated in the Bohai Gulf, Tianjin is one of China's most prominent seaports and is a key centre of tourism thanks to the proximity of the Great Wall.
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