An agreement for a 3 billion yuan ($46.53 million) project to develop optical products was signed on June 11. It will be located in the Hai'an High-tech Industrial Development Zone in Nantong, East China's Jiangsu province.

Taiwan developer Platinum Optics Technology Inc will spend 700 million yuan on equipment and machines to produce infrared absorption filters, optical low-pass filters, visual analog filters, and other bio-optical glass and semiconductor optical products.

After completion, the project is expected to achieve an annual output of 960 million lens filter products valued at more than 2 billion yuan, according to a project leader. It is expected to promote and bolster the city's electronic information industry.

The Hai'an High-tech Industrial Development Zone is among the first provincial-level high-tech zones to be established in Jiangsu's county-level cities north of the Yangtze River. With more and more innovative resources and talent, the development zone is steadily becoming the city's top source of scientific and technological innovation, according to Hai'an Party chief Yu Lizhong. He called for coordinated efforts to put the project on a fast track.

Hai'an mayor Tan Zhen pledged comprehensive and reliable government services to ensure the project is able to run smoothly.