Vimicro Corporation, a Chinese fabless chip company, announced a strategic cooperation framework agreement with the municipal government of Fuzhou for the development, manufacturing, and sales of Surveillance Video and Audio Coding-based security monitoring products in the city.
Under the cooperation agreement, Vimicro will establish a Fuzhou branch, which will be managed by Raymond Zhang, chief technology officer of Vimicro.
Fuzhou government will provide various support to the Vimicro Fuzhou branch. For security product procurement, Fuzhou government will consider Vimicro the preferential supplier. Fuzhou's monitoring products should meet the Surveillance Video and Audio Coding national standards, which were jointly formulated by Vimicro and Ministry of Public Security of China. The Fuzhou government will provide Vimicro Fuzhou with a 3,000-square-meter area for development and manufacturing and the land will be offered free-of-charge for the first two years.
Meanwhile, the Fuzhou government will provide five-year interest-free loans of CNY60 million as well as a subsidy of CNY30 million to the company.
Vimicro Corporation is a Chinese fabless chip company which specializes in research and development, production, and marketing of multimedia processors for PCs and mobile phones. It is headquartered in Haidian district, Beijing, China.