Representatives from the management committee of the Taicang Port Economic and Technological Development Zone and Sweden-based Axkid recently sign a cooperation agreement in Taicang, Jiangsu province. [Photo/WeChat account: TPETDZ]

Axkid, a world-renowned Swedish supplier of car seats and accessories for children of all ages, has announced the decision to locate to Taicang Port Economic and Technological Development Zone, Jiangsu province, following a recent signing ceremony held in the city.

With a total registered capital of $5 million, Axkid's branch in the Taicang port area will be dedicated to producing high-end child safety seats and other children's products.

A total of 250 million yuan ($36.23 million) is expected to be generated each year after the branch is put into operation.

A spokesman for Axkid said they selected Taicang because they are positive about the city's development potential, its port area's advantageous location and favorable business climate.

Founded in 2009, Axkid is known as a secure base in the field of child safety seat manufacturing. The company occupies 92 percent of the child safety seat market in Sweden and also takes the lion's share of the European and American markets.