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China invests $810 mn to create Beidou product ecosystem

China: China is hoping to expand the usefulness of its Beidou navigation satellite system by investing 5 billion yuan (US$810 million) to create an industrial park meant to house companies developing products using Beidou”s technology.

As per a report, the industrial park will be situated in the city of Tianjin and is expected to be fully operational in two years” time. The 27-hectare site, called Beidou Strategic Emerging Industrial Park, will house between 30 and 50 companies said Miao Qianjun, secretary-general of the Global Navigation Satellite System and Location-based Service Association of China.

Miao added these companies are expected to offer products and services worth some 10 billion yuan (US$1.6 billion) by 2017. “Many excellent Beidou products, with imaginative functions and design, will emerge,”” he said.

He added the association estimates the Beidou ecosystem will help create a domestic market worth 400 billion yuan (US$64.4 billion) by 2020, with an annual growth rate of 30% to 50%.

Source: ZD net