BUSINESSES in the region are hoping new ties with Shanghai will help North-East companies and universities gain access to the Chinese technology market.

Regional development agency One NorthEast has signed a memorandum of understanding with the Shanghai High-Tech Business Incubator Network to collaborate in digital media, life sciences and nanotechnology.

Organisers are hoping that the link-up will offer local companies and universities investment opportunities with Chinese counterparts, as well as increasing the possibility of Chinese investment and research in the North-East.

A delegation from One NorthEast, which has an office in Shanghai's business district, visited the city recently to sign the agreement with the network.

Kevin Aisbitt, One NorthEast senior specialist for inward investment, said: "China is rapidly becoming the major player in the global economy and we are determined that the North-East is ideally placed to grasp the wealth of new opportunities available in the country.

"Shanghai is the commercial heart of China, at the centre of its economic boom and is the major Chinese centre for biotechnology and human genome research."