Hai'an, Nantong, a city in East China's Jiangsu province, signs a contract valued at 10 billion yuan ($1.45 billion) to build a photoelectric display polarizing plate industrial center with Amer International Group in Shenzhen, a city in South China's Guangdong province, on May 22. [Photo/js.people.com.cn]

Hai'an, Nantong, a city in East China's Jiangsu province, signed a contract valued at 10 billion yuan ($1.45 billion) to build a photoelectric display polarizing plate industrial center with Amer International Group in Shenzhen, a city in South China's Guangdong province, on May 22.

According to local media reports, the project will be carried out in three phases. The first and second phases will cost 5 billion yuan. After the first two phases are completed, they are expected to generate 10 billion yuan in annual sales. The third phase will be a different part of the industrial chain and is expected to cost around 5 billion yuan. After the entire industrial center is completed, annual sales are expected to reach 15 billion yuan.

Pan Jianhua, vice-mayor of Nantong, said at the signing ceremony that the project is expected to provide a boost to the construction, transformation, and development of Hai'an's industrial projects and parks.

Gu Guobiao, Party secretary of Hai'an, said that Hai'an will do its best to create a favorable environment for the project and for the development of enterprises. He also expressed hope that Amer International Group would continue support for and participate in Hai'an's development. Local authorities would like to continue strengthening cooperation between the two sides on the copper deep-processing project.