Ningbo, a port city in East China's Zhejiang province, inked on Thursday a 502 million euro ($679 million) deal with multiple Italian companies to build an industrial park. The initiative will help both sides expand business ties with each other, government sources said.

The money will be jointly invested by both sides in 10 cooperative projects in a 40-square-kilometer Ningbo-Italy industrial zone in Yuyao, a county-level city.

High-end industries, such as renewable energy, waste treatment, life sciences, equipment and automobile manufacturing, will be developed in the zone, according to the agreement.