Wuxi officials and Samsung executives at the signing ceremony [Photo provided to chinadaily.com.cn]

Samsung SDI, a subsidiary of South Korea's Samsung Group, signed on May 25 a cooperation agreement with Wuxi New District to settle its polarizer film project in the district.

As a global leading supplier of polarizer films, small-sized Li-ion batteries and automotive batteries, Samsung SDI will invest $340 million in the district. The project is planned to start mass production by September 2016 with annual sales revenue expected to reach 3.5 billion yuan ($564 million), the Wuxi Daily reported.

Li Xiaomin, the Party chief of Wuxi, and Cho Nam-seong, the president and the CEO of Samsung SDI, attended the signing ceremony.

Li praised Samsung SDI's achievements in the global new energy development and hoped the new project would pave the way for further cooperation between both sides in other fields. He also pledged that the government would provide favorable policies and a sound business environment for the company's expansion.

Samsung is optimistic about China's polarizer film market and content with investment in Wuxi due to its regional advantages and convenient transportation system, said Cho. He also expressed his hope that the new project would become a model for Samsung's overseas cooperation projects and lay the foundation for future cooperation between the two sides in various fields.

Wuxi New District is home to nearly 100 South Korean enterprises so far and has cooperation agreements with a number of South Korean industrial giants such as SK Hynix, Hyundai, LG and LS.

Edited by Mevlut Katik