The main building of Xishan Economic Technological Development Area. [Photo/provided to chinadaily.com.cn]

Xishan Economic Technological Development Area in Wuxi has recently reached an agreement with Japan's Sumitomo Corporation to set up a metal company.

Sumitomo Corporation, headquartered in Tokyo, Japan, is a multifaceted business. Their business activities include the sale of a variety of products and services within Japan, import/export, trilateral trade and domestic and international business investment.

The project that Xishan Economic Technological Development Area has brought in features an investment value of $60 million. The new metal company will be engaged in the production and sale of metal wares, molds and accessories.

According to Xishan district, the construction of the project will begin in April 2017, and is scheduled to be completed by the beginning of 2018. The project is expected to yield an annual sales revenue of 400 million yuan ($58 million).

According to the district government, the introduction of quality investment projects has been made a priority and serves as motivation for regional economic development. Statistics show that from October this year, the district has added 563 domestic and 18 overseas firms, up 47 and 13 percent from same period last year, with total registered capital exceeding $2.2 billion.