The signing ceremony for a Norway marine ranch project is held via a video link in Yantai Economic and Technological Development Area on Nov 28. [Photo/jiaodong.net]

A marine ranch project invested by a Norway company NORSAL will be launched in the Yantai Economic and Technological Development Area.

The $400 million marine ranch will import salmon roe from Norway and will become largest land-based recycling aquaculture project in China.

By using the world's most advanced land-based recycling aquaculture system, NORSAL will build a high-end fishery breeding base that integrates the breeding of fish with deep processing.

The establishment of the marine ranch will promote the coordinated development of the upstream and downstream industries, including high-quality fish oil and high-end pet feed industries, as well as benefit factories and food processing plants in the area.

Despite the impact of the epidemic and the global economic downturn, marine economic development in Yantai has been healthy.

From January to November this year, there was 27.04 billion yuan ($4.12 billion) worth of modern marine project investments in the Yantai Economic and Technological Development Area, a three-fold year-on-year increase.