Lenovo, Tianjin sign strategic partnership agreement

He Zhiqiang, president of Lenovo Capital and Incubator Group, Lenovo's global technology industry fund. [Photo provided to chinadaily.com.cn]

Computer giant Lenovo Group Ltd signed a strategic partnership agreement with Tianjin on Monday to gear up its expansion in the smart internet business.

To implement the partnership, Tianjin will offer Lenovo various resources, such as talent and supportive policies, while Lenovo is expected to build an entrepreneurship and innovation platform in Tianjin.

"A new era for smart internet has come. In the future, China's economy will be increasingly driven by technology," said He Zhiqiang, president of Lenovo Capital and Incubator Group, Lenovo's global technology industry fund.

He added that the fund will boost industrial development in terms of new energy, new tourism, new manufacturing and other fields in Tianjin.

"We take a rosy view of Tianjin's future development amid the Beijing-Tianjin-Hebei integration strategy. In terms of smart internet cooperation, we will build research, operations and manufacturing centers in Tianjin, generating jobs and boosting local economic growth."

According to the company, almost 10 subsidiaries and enterprises invested in by Lenovo Capital and Incubator Group will cooperate with the Binhai New Area of Tianjin on cloud computing, medical informatization, augmented reality and other new fields. Lenovo said the company will bring cooperation on more innovation business in the future.

Founded in 2016, Lenovo Capital aimed to seek new growth points as the world's biggest PC maker was confronting a declining global demand for PCs and fierce competition in the smartphone market. The fund was used to finance startups in cloud computing, augmented reality, virtual reality, artificial intelligence and other emerging sectors.