East China's coastal city of Qingdao signed two major foreign contracts with total investment close to 50 million US dollars during its investment promotion in Beijing on Novemer 9.

At the event co-sponsored by the Qingdao Municipal Government and China Council for the Promotion of International Trade, Qingdao Western Coast Co. inked a contract with French Omikron Group for a 28 million-US dollar joint venture, which will send 90 percent of its disposable injector products to overseas markets.

The foreign partner will hold 60 percent of the stake in the new company, whose estimated revenue will reach 28 million US dollars.

Germany's retail giant Metro Group signed a warehouse supermarket contract with Sifang District of Qingdao. The world's second-largest commercial company has already opened five businesses in Shanghai, Wuxi and Ningbo cities in east China.

Also signed at the meeting were four domestic contracts worth 200 million yuan, ranging from chemical and high-tech to automobile projects.

Qingdao was among China's first group of 14 cities to open for overseas investment. Through the end of last year, the industrial output value from overseas-funded businesses in Qingdao had accounted for 40 percent of the city's total. (Xinhua)