An agreement on a 5G new material project valued at 30 billion yuan ($4.19 billion) was signed in Nantong, East China's Jiangsu province, on Aug 27, between Nantong's Rugao city and Amer International Group.

Attendees of the signing ceremony included Wang Wenyin, chairman of the board of Amer International Group, Lu Zhipeng, Party chief of Nantong, Xu Huimin, mayor of Nantong, and several Rugao officials, including Zhang Jianhua and He Yijun.

According to the agreement, the group will establish a 5G new material industrial park in Rugao, which will feature a nano-copper touch display integration project, a bonsai art industrial park, a carbon fiber material and application industrial park, and an intelligent equipment research institute.

Lu Zhipeng said at the ceremony that Rugao has put much emphasis on carrying out important projects, and the new project is expected to greatly boost the development of the city's 5G sector.

Lu hoped that Rugao would provide proper support for the new project, and that Amer International Group would deepen cooperation with Rugao.

Based in Shenzhen, Guangdong province, Amer International Group is a Fortune 500 company that mainly focuses on the industrial chain for new electronic information and new materials.

Representatives from Rugao city and Amer International Group sign a cooperation agreement on a 5G project in Nantong, Jiangsu province, on Aug 27. [Photo/cpcrugao.cn]