The signing ceremony of Jiangsu Wanpajia Laser Technology's advanced laser project, with a total investment of 500 million yuan ($73.87 million), was held in the Nantong Hi-Tech Industrial Development Zone (NHIZ) in Tongzhou district on July 14.

As a core industrial development hub of Tongzhou, the NHIZ has built a mature semiconductor industry, yet it still lacks supporting capabilities in laser equipment and core components. The introduction of the laser project will precisely fill that gap.

Once launched in Tongzhou, the high-end laser project will fast-track its production and operations, with the goal of achieving $100 million in annual output within the next three years.

Jiangsu Wanpajia Laser Technology is backed by Atalaya Investment from the Middle East. Igor Borovikov, president of Atalaya Investment, who attended the ceremony, attributed the company's decision to set up operations in Tongzhou to the district's complete industrial ecosystem, strong industrial foundation, and excellent business environment.

The urban landscape of Tongzhou district. [Photo/IC]