Huishan to carry out projects worth $880 million

Agreements for a total of eight foreign-invested projects worth $880 million were signed in the Huishan Economic Development Zone in Wuxi on March 3.

The projects focus on cutting-edge international trends such as new-generation information technology, high-end equipment manufacturing, and life science and technology, and are strongly in line with the development of industrial innovation clusters in the zone.

Italian WAM Group's high-end mixing equipment projects have seized over 90 percent of the domestic lithium battery market and have entered new energy, food, construction and other industries.

Benefiting from the favorable development environment, WAM Group decided to spend $30 million to use of about 5.13 hectares of industrial land in the Huishan Economic Development Zone for the research, development and production of mixers, conveying and unloading equipment.

The project is expected to be put into use in the first half of 2023, and the company claims that annual sales will exceed 600 million yuan ($94.98 million).

The Huishan Economic Development Zone, which became a national development zone in 2021, has been trying to bring in high-quality projects mainly related to biomedical research and development, intelligent equipment manufacturing, new materials and new energy, and improving its business environment.

In 2021, the actual utilization of foreign capital in the zone increased by 38 percent year-on-year, while the number of major foreign-funded projects increased by more than 20 percent, according to officials.