Mianchi county in Sanmenxia, Henan province, signed agreements with Leshi Pharmaceuticals and Jiapeng Intelligent Parking on Aug 24, to carry out cooperative programs valued at 620 million yuan ($93 million).

According to the agreement, Leshi Pharmaceuticals will invest 500 million yuan on a medicine production program in the county's Potou township, incorporating 200 mu (13.33 hectares) of industrial land and 100 thousand mu of forest and barren hills. The program is aimed at the planting, processing, trade and storage of medicinal plants, and is expected to be put into production within the next six months.

Jiapeng Intelligent Parking will invest 120 million yuan for the annual production of 2,000 auto intelligent systems designed to assist drivers when parking their cars. Production will be based at the Tiantan Industrial Park in Mianchi's industry district, and is expected to start by the middle of 2017.

Closely connected with advanced equipment production and modern agricultural industry, the two cooperative programs are expected to play a vital role in promoting industrial transformation and economic development in Mianchi.

Officials from the local government and representatives from the two companies attended the signing ceremony.