CHENGDU, China, June 27, 2016 /PRNewswire/ -- Between June 24-25, the First Sino-Korean Youth Innovation and Entrepreneurship Contest and Sino-Korean Cultural Festival took place in Chengdu Hi-tech Zone of China.

The District is western China's first National Innovation Demonstration Zone, and also the location selected for the Sino-Korean Innovation and Entrepreneurship Park. Within the theme of this contest is 'Sino-Korean cooperation, innovation and entrepreneurship', this contest will deepen the understanding of each side's advantageous industries and market situation for young Chinese and South Korean entrepreneurs, and encourage exchanges and collaborations between entrepreneurs of the two countries.

October 31 last year, the governments of China and South Korea reached a consensus regarding more extensive partnership in areas such as innovation, intelligent manufacturing and R&D of high-level technology, the establishment of youth innovation and entrepreneurship platform and third party market joint development platform, providing guidance and securities to collaborating parties, and the creation of a Sino-Korean Innovation and Entrepreneurship Park in the Chinese city of Chengdu.

A series of cooperation agreements such as Memorandum of Understanding about Innovation and Entrepreneurship Cooperation were signed between China's Ministry of Science and Technology (MOST) and South Korea's Ministry of Science, ICT and Future Planning (MSIP).

This contest is co-hosted by China's MOST, Central Committee of the Communist Youth League, Sichuan Provincial Government and South Korea's MSIP. Under the witnesses of over 500 venture capital firms, incubators, maker spaces and corporate representatives, 16 Chinese and South Korean startup teams from areas such as electronic information, biomedicine, intelligent hardware and artificial intelligence participated in the contest. Two team s from both countries emerged as the First Prize winners.

Chengdu Hi-tech Zone in is inland China's premier hi-tech park, often referred to as 'Silicon Valley of western China'. At present, over 7,500 science and technology companies, more than 800 financial institutions have already set up operations here. According to the Report on Global Startup Cities released by the Martin Prosperity Institute in January this year, the total amount of venture capital received in Chengdu is in the range of many top European and American cities.

It has been reported that as an important and high-frequency program in the innovation and entrepreneurial undertaking between governments of the two nations, the Second Sino-Korean Youth Innovation and Entrepreneurship Contest will be held in South Korea next year.

SOURCE Chengdu High-tech Industrial Development Zone