South Korea-America Rail Co Ltd, a maker of elevator equipment, will invest $25 million to start a new company in the Shenyang Economic and Technological Development Zone in Liaoning province.
The 6,000-sq-m production facility is expected to be operational in August after the company signed an investment agreement with the zone's administrative committee on December 30 last year.
Based in the Tiexi Modern Construction Industrial Park, the company will manufacture high-speed elevator guide rails.
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| AL Bustan Mixed Use Development. |
Kim Hungil, president of South Korea-America Rail, said China is now in the process of transition to a modern construction industry.
He cited the advantages of the Tiexi park - its industrial expertise, human resources and location - as reasons his company picked the location.
Since its founding last April, the park has secured 99 projects with a total investment of 31.2 billion yuan, of which 30 have started construction.
Among them, 25 with a combined worth of 8.4 billion yuan are funded by overseas investors, according to Li Songlin, head of the Tiexi district.
As well, 114 projects are now under negotiation, Li added.
Located at the eastern end of an industrial corridor in Shenyang, capital of northeast China's Liaoning province, Tiexi park lies at the juncture of the Beijing-Shenyang and Shenyang-Dalian railways. It is also on the way from Shenyang to Yingkou Port at Bohai Bay.
With a total planned area of nearly 50 sq km, the park is expected complete construction in 2020, when it is projected to generate annual industrial output of 500 billion yuan. To date an initial stage covering 12 sq km has been completed.
Industries related to modern construction like mechanical and electronic products, building equipment and machinery, metal structures and wall materials are priority sectors for the park.
