Turbomax Co, a turbo blower manufacturer headquartered in South Korea, signed a partnership agreement with Gangzha Economic Development Area in Nantong city, on Jan 15.
The two parties will cooperate on the building of an energy saving and eco-friendly equipment project.
With an investment of 195 million yuan ($28.78 million), the green project will cover an area measuring 1.4 hectares, with annual output expected to hit 150 million yuan.
And local authorities are expected to benefit too, with 15 million yuan forecast to be generated in annual taxation revenues once the project has been put into operation –– benefiting local public services and residents.
According to the agreement, Turbomax will achieve taxable sales of 500 million yuan within five years of the project going into production, with the objective of becoming an industry leader.
The company has also promised to introduce top South Korean businesses specializing in the field of environmental protection to invest in Gangzha district, bringing further benefits to the area.
Reacting to the signing of the new agreement, the management committee of Gangzha Economic Development Area welcomed Turbomax's investment and argued that the area will offer the South Korean firm the best services and a continuously improving local business environment, facilitating the construction and operation of the new equipment project.
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