Representatives from the Nantong Economic and Technological Development Area, SVG Tech Group and its subsidiary iVTouch, sign an agreement to establish a research and development center for flexible touch screens. [Photo/ntfabu.com]

Nantong Economic and Technological Development Area signed a cooperation agreement with SVG Tech Group and its subsidiary iVTouch on Aug 20 -- to build a research and development center for flexible touch screens in NETDA.

According to the authorities, the companies plan to pump 5 billion yuan ($709.5 million) into the project, with the initial construction costing 1.8 billion yuan.

The first phase will focus on the research and development, manufacturing and sale of flexible touch screens with high performance. On completion, its annual output value is expected to reach 4.7 billion yuan.

SVG Tech Group was founded in 2001 and is based in the Suzhou Industrial Park. The company has been committed to innovative applications of the micro-nano technologies, flexible intelligent manufacturing and flexible optoelectronic materials.

Its subsidiary iVTouch specializes in research and development, as well as manufacturing mid to  large-size touch screens. The products have been widely used in intelligent terminals at conferences and in education, medical treatment, industrial controls and in consumer electronics.