Lingang New City, a port area in Shanghai, China, is to be transformed into an advanced industrial and logistics hub with government subsidies to be provided to businesses of over $2.7 billion.

The Shanghai city government made the announcement last week.

The city government is setting up several funds to support the development of key industries. According to the plan $1.5 billion will be pumped to the integrated circuit equipment industry, $750 million will go towards intelligent manufacturing, $300 million will provide funds for the maritime industry, and $150 million will be invested in startups.

Intelligent manufacturing is said to be the keystone of the project. A special fund to bolster that sector will provide $75 million a year through 2018, enabling projects to enjoy a maximum subsidy of $7.5 million. Other projects involving new energy, new materials, and information technology can receive up to $15 million toward upgrading capabilities.

The scheme also intends to provide bonuses to top talent that are drawn to projects. Up to $75,000 will be awarded to leading scientists working at Lingang and top technicians will be offered monthly subsidies of up to $225. Monthly housing subsidies of $225 will also be available.

Construction of additional transportation infrastructure will facilitate the development. More routes will be built to link Lingang to the Shanghai-Fengxian Expressway.

“The area,” said Ruan Qing, deputy director of the Shanghai Commission of Development and Reform to a Chinese news service, “will grow into a national innovative manufacturing center and lead and converge advanced industries in and around the city.”