POSCO sets up business in Auto Valley

The front gate of POSCO (Wuhan) Automotive Processing Center Co. [Photo provided to en.whkfq.gov.cn]

POSCO (Wuhan) Automotive Processing Center Co was recently registered in the Wuhan Economic & Technological Development Zone (WEDZ), according to news from the zone's business promotion bureau on Nov 3.

The firm was funded by global steel giant POSCO, which is also a Fortune 500 company.

Six departments of the central government released policy measures to encourage overseas investors to start businesses focusing on high-end equipment, basic components and core spare parts, participate in China's smart manufacturing endeavor, build more demonstration factories, and establish R&D centers in China. These policy measures will motivate more foreign enterprises to invest in the manufacturing sector.

POSCO currently has 11 automotive component processing bases in China, and POSCO (Wuhan) Automotive Processing Center Co is its only steel product deep processing base in Central China.

Foreign companies from more than 10 countries and regions in the world have agreed to set up businesses in WEDZ, which now boasts over 120 foreign-funded firms.