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Jiangsu Sieyuan Hertz Instrument Transformer Co is a subsidiary of Sieyuan Electric, which is located in Rugao Economic and Technological Development Zone. [Photo/WeChat account: RGETDZ]

Rugao Economic and Technological Development Zone in Nantong, East China's Jiangsu province signed an agreement on March 31 with Sieyuan Electric for a smart medium-voltage switchgear project.

The project, with a total of 2 billion ($304.10 million) yuan in investment, is expected to generate 3 billion yuan a year in output. It will also be further built into a smart equipment industrial park within the 14th Five-Year Plan (2021-25) period.

Sieyuan Electric is a publicly listed company that specializes in the research and development of electric power technology, equipment manufacturing, as well as engineering services. The company has invested 5 billion yuan in its projects located in the Rugao development zone.

All projects in the zone have made great achievements partly due to the support of the local administration, said Dong Zengping, general director of the company, adding that Rugao is an optimal place to invest and start a business.

The Rugao government will make continued efforts in a number of aspects, such as financial policies, talent attraction, and supply chain, to bolster the development of local companies, said He Yijun, the city's Party secretary.