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Chinese appliance maker The Haier Group will invest heavily in the construction of an industrial park in southwestern China's Chongqing Municipality.
It will take the company about 3 years to complete the construction of the 93.33-hectare industrial park, which will become a comprehensive manufacturing base covering manufacturing, logistics, marketing, R&D, and service centers.
The industrial park, which will mainly produce household electrical appliances, will cost 2.8 billion yuan (approx. U.S. $338 million) at the first stage and generate an annual business turnover of 15 billion yuan (approx. $1.8 billion) when going into production in 2006. When the whole project is completed, its business turnover will reach 20 billion yuan (approx. $2.4 billion) annually.
It is an important step for Haier Group's global strategy, said Zhang Ruimin, CEO of Haier Group, at the signing ceremony of investing in Chongqing Haier Industrial Park.
At present, Haier has built 15 industrial parks worldwide. They include three abroad (in the United States, Pakistan and Jordan respectively), and 12 in China, which are mainly distributed in Qingdao, Dalian, Hefei, and other eastern coastal cities. (XIC)
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