Tumd Right Banner in Baotou, Inner Mongolia [Photo provided to chinadaily.com.cn]

A new cross-border e-commerce industrial park is set to be built in Tumd Right Banner in Baotou, North China's Inner Mongolia autonomous region, with a cooperation agreement reached by the banner's government and Inner Mongolia Jiemian Network Technology Co.

Relying on the industrial foundation of Tumd Right Banner, the industrial park will seek to introduce processing trade enterprises with high added value and strong import and export performance.

It will encourage large and medium-sized foreign trade companies, marketing centers, procurement centers, logistics centers and other service organizations to set up operations in the banner, helping local production and processing enterprises to enter the international market.

The industrial park is expected to provide more than 150 jobs within five years, and achieve export earnings of $1 billion.

Inner Mongolia Jiemian Network Technology Co is the Inner Mongolia channel operator of Alibaba's cross-border e-commerce platform.

The company is now serving more than 100 small and medium-sized foreign trade enterprises in Inner Mongolia. It is a local e-commerce company integrating functions such as investment promotion, cross-border trade comprehensive services, and cross-border trade business incubation.

According to statistics, Tumd Right Banner's foreign trade import and export increased by 151 percent year-on-year in 2021.

By the end of the 14th Five-Year Plan (2021-25), the banner is expected to have an import and export trade scale with an output value of $1 billion.