Shuofang sub-district signs 31 new deals

A signing ceremony for 31 key projects is held in Shuofang sub-district, Xinwu district, Wuxi on July 3. [Photo/wxrb.com]

A signing ceremony for 31 key projects was held in Shuofang sub-district, Xinwu district, Wuxi on July 3.

The 31 projects received more than 10 billion yuan ($1.4 billion) in total investment and focus on the transportation hub economy, digital economy, headquarters economy, strategic emerging industries, industrial complexes, technological innovation cooperation, and industrial funds.

The  aviation and new materials projects are expected to boost development potential, while cross-border e-commerce and industry-university-research cooperation projects are expected to attract more projects from related industries, according to officials.

Wuxi Hyatech Co, who manufactures aircraft engine compressor blades and artificial joints for medical orthopedic instruments using in-house machinery and production lines, has expanded investment in Shuofang several times in recent years.

Yan Qi, chairman of the company, spoke highly of the business environment and government services of Shuofang sub-district, which provides many resources to help the company develop along with upstream and downstream enterprises in the supply chain of the Yangtze River Delta region.

After reaching full capacity, the 31 projects are expected to generate 24 billion yuan in revenue and pay over 1.2 billion yuan in taxes, according to officials.