The agreement, signed Monday in Shanghai, will see as many as 2,000 Chinese companies represented at the facility by 2014, France 24 reported Wednesday.
To be called the International Industry, Technology and Trade Exhibition Center, it will be built in Moselle, one of the poorest regions in France. The center will sit on about 350 acres on the banks of the Moselle River near the borders with Luxembourg and Germany.
"Our objective is to create closer ties between Europe and China and this project will act as a bridge between the two territories," said Patrick Weiten, president of Moselle's General Council
A companion center, similar but smaller in scale, will be built in China to promote investment by European companies.
Direct investment in Europe by China totaled about $10 billion in 2011, and could rise to as much as $500 billion by 2020, the Financial Times found in a study.
Steel manufacturer ArcelorMittal recently announced it was closing a plant in Florange not far from the proposed ITEC site.
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