An industrial park, a joint venture between China and the Republic of Korea with a total investment of 100 billion yuan (15 billion U.S.dollars), broke ground in the capital city of northwest China's Gansu Province on Saturday.

The park is the first large sino-foreign joint venture in Lanzhou New Area, and it covers a 5-square-kilometer area. The construction will have three phases and take six years.

The park will have space for than 300 companies, with a focus on sectors like new materials, bio-medicine, auto manufacturing, cosmetics, food and chemical products. It is forecast that the park's annual output will be around 150 billion yuan.

The park is expected to be a model project for cooperation among international small- and medium-sized enterprises.