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A cloud signing ceremony takes place between the Yangkou Port Economic Development Zone and Japan's Yushiro Chemical Industry Co Ltd on March 18. [Photo provided to en.nantong.gov.cn]

The Yangkou Port Economic Development Zone – located in Rudong county, administered by Nantong city in East China's Jiangsu province – held a cloud signing ceremony on March 18 with Japanese group Yushiro Chemical Industry Co Ltd.

The two signed an agreement for the Japanese company to build a new materials manufacturing plant in the zone costing 300-million-yuan ($47.14 million), which will be on a 4.67-hectare site.

When up and running, the plant is projected to produce 50,000 tons of functional new materials annually for metals and nonmetal surface treatments and generate sales of 300 million yuan per annum.

Since it was founded in 1944, the Japanese group has supplied metalworking fluids and floor coating wax for the automobile, steel and building maintenance industries, among others.