Singaporean paper giant expands investment into Shandong

(| Updated : 2024-02-28

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The paper production line of Asia Symbol (Shandong) Pulp and Paper Co Ltd in Rizhao. [Photo/CCTV]

Asia Symbol (Shandong) Pulp and Paper Co Ltd is one of the largest foreign enterprises in Shandong province with advanced processes, technology and environmental performance. As a vertically integrated pulp and paper enterprise under Singapore's Royal Golden Eagle (RGE) group, it was established in the city of Rizhao, Shandong with direct investment from the group in 2005. That same year, the group also secured a 50-year lease for three berths at Rizhao Port to expand its global industrial presence.

At the beginning of 2024, Asia Symbol (Shandong) Pulp and Paper Co Ltd initiated a new investment plan of 15 billion yuan ($2 billion) for a pulp and paper integration project, successfully obtaining final approval before commencement. With 27 continuous capital increments over the past 18 years, the total investment of the enterprise will exceed 42 billion yuan upon the completion of this latest 15 billion yuan investment.

Favorable conditions and a continually improving business environment, alongside the vast market opportunities in Shandong, have been vital factors in the enterprise's increasing investments.

Li Runming, in charge of the company's project affairs, stated, "The broad market and continuously improving business environment in China increase the confidence of foreign enterprises. We will seize market opportunities, promote collaborative partnerships in the industrial chain, and demonstrate trust in the bright prospects of the Chinese economy through practical actions."

As a key player in Shandong's paper industrial chain, Asia Symbol (Shandong) Pulp and Paper Co Ltd has spurred the collective development of over 500 companies in Rizhao and over 1,000 companies across the province.