New power injected to boost Nantong High-tech Zone's manufacturing industry
An agreement to build a precision parts manufacturing plant was signed on May 28 between Freewon China Co Ltd and the Nantong National High-tech Industrial Development Zone at the administrative center of Tongzhou district – in Nantong city, in East China's Jiangsu province.
Chen Yonghong, Party secretary of Tongzhou and the Party working committee secretary of the Nantong National High-tech Industrial Development Zone, attended the ceremony.
Freewon China will invest 1 billion yuan ($156.3 million) on the plant, which will be engaged in supplying precision metal parts to customers in downstream applications industries such as 3C products manufacturing – computers-communications-consumers – as well as automobiles and electric tools.
It is expected to generate more than 1 billion yuan in annual sales and pay at least 100 million yuan in taxes after reaching its design capacity by 2025.
Xu Huijun, president of Freewon China, said the group was confident about its development in the Tongzhou district due to the area's superior geographical location, transport infrastructure and resources, as well as the Nantong High-tech Zone's high-quality services and business environment.
The establishment of the plant is seen as a significant move by Freewon to develop new technologies and products and explore new markets. Freewon expects to deepen its cooperation with Tongzhou in wider fields and contribute to the district's development, Xu added.
Tongzhou Party secretary Chen offered his congratulations on the signing of the project and said that the departments in Tongzhou district would do their utmost to provide efficient services and create a favorable environment for Freewon.
