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A signing ceremony is held in the Pinghu Economic Development Zone in Pinghu, Jiaxing on April 1. [Photo/zj.zjol.com.cn]

The Pinghu Economic Development Zone in Pinghu, a county-level city in Jiaxing, East China's Zhejiang province, reached cooperation with JFE Shoji Corporation on an automotive motor iron core project, local media reported on April 1.

The project is expected to inject new impetus into the zone's construction of the country's largest production base for new energy vehicle motors.

The production base has received a total of $34 million in investment and will cover an area of 27.8 mu (1.85 hectares). It will produce driving motor iron cores and electric power steering motor iron cores for the new energy vehicles of Nidec Corporation. Annual output is expected to exceed 700 million yuan ($110.06 million).

In addition, to promote the zone's construction of a China-Japan industrial cooperation park and attract more foreign capital, it introduced Zhejiang JEF Shoji Steel Products Co Ltd. The enterprise is involved in the production and sale of auto parts, rail transit equipment and motor compressors, and is the first foreign-funded enterprise in the zone.