The Gangzha Economic Development Zone holds a signing ceremony on March 22 for two major foreign investment projects which are to settle in the zone. [Photo/WeChat account: ntgzjjkfq]

Two major foreign-funded projects worth $ 50 million each are moving to the Gangzha Economic Development Zone, or GZEDZ – located in the Chongchuan district of Nantong city, in East China's Jiangsu province – following agreements signed on March 22.

The projects are a production plant for the Hairun brand of intelligent industrial grinders and its key parts and plant to produce Pino brand intelligent sawing machines.

Wang Bin, Party working committee secretary of the GZEDZ and Zhu Bing, director of the administrative committee of the zone, attended the signing ceremony.

Plans are for the Pino CNC saw machine plant, to be jointly funded and constructed by Tengyi (Hong Kong) Co Ltd and Jiangsu Lichi CNC Machine Tool Manufacturing Co Ltd, to cover an area of about 1.33 hectares. It is expected to achieve annual taxable sales of 300 million yuan ($45.75 million) after starting production.

Tengyi is mainly engaged in electronic products related to machine tools, with annual sales of more than HK$ 600 million ($77.19 million). Its products include numerical control systems, servo systems, spindle systems, pneumatic electromagnetic valves and cooling motors. The company is engaged in marketing and after-sale services in the Chinese mainland and Hong Kong, with its business established in various Asian countries.

The Hairun intelligent grinder plant, to be jointly funded and built by Taiwan YCS Co Ltd and Nantong Jiarun Precision Technology Co Ltd, will cover an area of about 1.47 ha and is expected to generate annual taxable sales of 350 million yuan when it starts production.

Taiwan YCS, with annual revenue of about 500 million yuan, is engaged in the R&D, production, marketing and after-sale services of linear guide grinders, sliding block grinders, plano grinders and plano milling machines in Taiwan. The company provides products and accessories for Taiwan Hiwin, PMI, Foxconn and other enterprises and is reportedly highly regarded by companies in Taiwan.