Two professional platforms in the Waigaoqiao Free Trade Zone, i-SPACE and U-LAB, are put into service on Nov 18. [Photo/WeChat account: gh_01c6f7b4cf3d]

Two professional platforms in the Waigaoqiao Free Trade Zone, the Shanghai Waigaoqiao International Medical Devices Exhibition and Trading Center (i-SPACE) and U-LAB, were put into service on Nov 18 and are expected to play a vital role in promoting the development of the zone's biomedical industry, local media reported.

The two platforms, covering an area of 2,250 square meters, are currently gathering many of the new products which were displayed at the third China International Import Expo (CIIE) held in Shanghai earlier this month and will help Waigaoqiao foster a world-class industrial cluster in biomedicine.

Currently, a total of 125 new products from world renowned enterprises such as Swiss medical enterprise Roche Diagnostics are being exhibited at i-SPACE, including 45 CIIE exhibits.

The Waigaoqiao Free Trade Zone, part of the China (Shanghai) Pilot Free Trade Zone, is looking to take maximum advantage of CIIE's success by cooperating with quality enterprises from across the world, aiming to accelerate the cluster development of several high-quality cooperative projects in the zone and help Waigaoqiao foster a world-class industrial cluster in biomedicine.

"The new platforms offer a great opportunity for global enterprises to showcase their new products in China and will make it quicker and easier for them to enter the Chinese market," according to Zhang Hao, deputy general manager of the Shanghai Waigaoqiao Free Trade Zone Group.

Zhang added that the platforms will attract more foreign companies to set up their regional headquarters in Waigaoqiao.

Statistics show that the zone is now home to more than 700 biomedical companies, which generate annual operating revenue of over 200 billion yuan ($30.46 billion) and contribute more than 10 billion yuan in tax revenue.

The platforms are expected to drive the research and development (R&D) of the zone's biomedical industry and will focus on the incubation and cultivation of biomedical enterprises. They will also help enterprises explore the domestic market and promote the optimization and upgrading of industries in the zone, according to Chen Yanfeng of the Shanghai FTZ administrative committee.