A delegation headed by Ed Rapp, the president of Caterpillar Inc, paid a visit to Wuxi, Jiangsu province, on March 17 and had a meeting with Wang Quan, the mayor of the city, to discuss mutual cooperation in technological innovation and corporation development, the Wuxi Daily reported.

Wang praised Caterpillar's market performance since it has opened its R&D center in the Wuxi New District 10 years ago. He also expressed his hope that the company could continuously enhance its research capability and global competitiveness and make more contributions to the innovation economy and manufacturing industry of the city.

As Caterpillar's strategic base in Asian-Pacific region, the R&D center in the city has contributed to the company's success in China, said Rapp. He pledged that the company will continue to cultivate professionals and increase investment in the city, and seek more cooperation opportunities in such fields as the Internet of Things, integrated circuit and software outsourcing.

The US-based Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.

As a Fortune 500 company, Caterpillar currently has two ventures in Wuxi – Caterpillar R&D Center (China) Co (CRDC) and Caterpillar (China) Machinery Components (CCMC). CRDC was recognized as one of the 10 most influential R&D centers in the country in 2014, with the business income exceeding 480 million yuan ($77.2 million). CRDC, also located in the Wuxi New District, boasts total investments worth $200 million since its establishment.