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Fushan Industrial Park contracted two advanced equipment manufacturing projects worth 900 million yuan ($131 million) with Zhuhai Comking Electric Co and Zhuhai Xinhua Magnetic Materials Co on Jan 25.
The deals are related to a Three-Year Action Plan for Zhuhai Advanced Equipment Manufacturing, and are also seen as a solid step toward the area becoming an advanced equipment industrial base on the west bank of the Pearl River, according to a government official.
Zhuhai Fushan Industrial Park [Photo courtesy zhsw.gov.cn]
Zhuhai Comking Electric has strong technical strength and innovation ability. It has been honored as a "national hi-tech enterprise" for seven consecutive years from 2010 to 2016, and was recognized as a "Guangdong Provincial Engineering Technology Research Center" in 2014. The company produces more than 30 types of smart power grids and distribution network equipment, including circuit breakers, intelligent air-inflated switchgear, solid insulating vacuum ring network switch devices, and monitoring systems.
The project is to cover 33,333 sq m with a gross investment of 700 million yuan ($102 million). The two-phase construction is to be completed in two and a half years. By 2020, the output value is expected to reach 600 million yuan ($87 million) with an annual tax revenue of 35.93 million yuan ($5 million).
On the other hand, Zhuhai Xinhua Magnetic Materials is a leading professional hi-tech research and manufacturing enterprise. The responsibility of its Fushan industrial base is to research, produce, and sell components and parts of magnetics materials. Covering 13,340 sq m and costing 200 million yuan ($29 million), the base will be completed in two years. The annual output value for the first year after reaching design capacity is expected to reach 150 million yuan ($22 million) and 225 million yuan ($33 million) in the second year. It will contribute about 9 million yuan ($1.3 million) per year in tax revenue.