The investors in a new automotive electronic sensor manufacturing plant signed up for it to be built in the Hailing Industrial Park – in the Hailing district of Taizhou city in East China's Jiangsu province – on Jan 12.
A warm handshake marks the conclusion of the signing ceremony. [Photo/WeChat account: gh_4df9b5f9b40b]
The signing ceremony, attended by key officials from the local Hailing district government and the Taizhou Eastern New Town Development Group Co Ltd, marked the beginning of a venture set to revamp a 37.8 mu (2.52 hectares) area within the park.
The project, geared towards innovation, will establish a CNAS laboratory focusing on the research and production of PSI5 acceleration sensors and height sensors for new energy intelligent vehicles.
Projecting annual sales revenue of 500 million yuan ($69.6 million) and annual tax payments of 12 million yuan when in production, the facility aims to contribute significantly to the growing automotive technology sector in the district.
Hailing Industrial Park's strategic emphasis has over the past few years been on the development of a scientific innovation city and an information city.
It is widely said to have proven successful in attracting leading enterprises, with the current project bolstering the park's position in the new generation information technology industry.