A total of 16 rare earth projects were signed at the 11th China Baotou Rare Earth Industry Forum opening in Baotou in North China’s Inner Mongolia autonomous region on Sept 20, according to a report in the Baotou Daily.

The projects, covering high-tech areas such as rare earth permanent magnets, permanent magnet post-processing, rare earth new energy vehicles and medical equipment, are expected to draw an investment of 15 billion yuan ($2.11 billion), officials said.

A total of 11 members of the Inner Mongolia Rare Earths New Energy Vehicles Industry Alliance signed framework cooperation agreements at the event.

According to officials, rare earth projects have high technological content, great development potential and strong market power.

The region plans to further optimize the structure of the rare earth industry and drive the industrial chain to further extend downstream, injecting new vitality into the high-quality development of the sector in Baotou city.