The city of Taizhou, East China's Jiangsu province signed contracts to build and implement a new material industrial park and a MiniLED display backlight and screen industrialization production project.
The news came from this year's Jiangsu Development Summit, which was held in the provincial capital city of Nanjing on May 20.
This year's Jiangsu Development Summit is held in Nanjing, capital of East China's Jiangsu province on May 20. [Photo/tznews.cn]
According to the investor of the industrial park – SP Chemicals (Taixing) Co Ltd, its parent company Singapore-based SP Chemicals Pte Ltd plans to increase its investment by $2.5 billion during the 14th Five-Year Plan (2021-25) period, improve the olefin industry chain, develop more new material products, and set up an industrial park.
Upon its completion, the industrial park is estimated to reach 20 billion yuan ($2.89 billion) in annual invoiced sales and 1.8 billion yuan in tax revenue. By the end of 2025, its annual invoiced sales and tax revenue are expected to reach 30 billion yuan and to near 3 billion yuan, respectively.
In 2022, SP Chemicals (Taixing) Co Ltd achieved 14.7 billion yuan in invoiced sales and 1.32 billion yuan in tax revenue. Its products include caustic soda, liquid chlorine, hydrogen gas, and vinyl chloride. These products are widely used in fields such as petrochemicals, textile, paper manufacturing, consumer goods, plastic and rubber manufacturing, dyes, pharmaceuticals, metallurgy, and protective equipment.