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An aerial view of Changjiang town in Rugao [Photo/WeChat account: rugaofabu]

Singaporean resources conglomerate Royal Golden Eagle (RGE) Group signed an agreement with the government of Rugao, a county-level city in Nantong, on June 18 in Nanjing, capital of Jiangsu province, to invest more than 40 billion yuan into the construction of an industrial cluster in the city.

The cluster, located in Changjiang town, will cover about 200 hectares and include many of RGE’s various products, including lyocell fabric, palm oil, and ivory board. The first phase of construction will cost 18 billion yuan and is expected to start operating in 2022.

A delegation headed by Sukanto Tanoto, chairman of RGE Group, visited Changjiang town in June 17 and toured the cluster's site, local ports and Jindao Ecological Garden along with local government officials.

Tanoto thanked the Rugao government for its support for the project and expressed full confidence in the development of Rugao, stating that the group will devote itself to industrial upgrading and environmental protection in the city.

RGE Group operates a number of resource-based businesses involving forestry pulp paper, palm oil, fiber and energy mainly in Singapore, Indonesia, China, the Philippines, Malaysia and Brazil. It has more than 60,000 employees worldwide and total assets of more than $20 billion.

Changjiang town, located on the northern banks of the Yangtze River, ranks 69th among the top 100 competitive towns in China. It is home to a category-1 port, a national-level shipping center and a group of provincial-level industrial parks.

Intelligent equipment manufacturing, high-end new materials, and modern logistics have served as major forces in its economic growth.