|

[Photo/IC]

Shaoxing's Binhai New Area and Foxconn Industrial Internet signed a contract of an automatic packaging plant on Oct 31.

The plant, with a planned investment of 1 billion yuan ($138 million), is expected to become an advanced manufacturing and production base for semiconductors and industrial automation equipment.

According to the local government, the city has developed an industrial chain covering chip design, manufacturing, and testing.

The Binhai New Area should be a "host" and a "shopkeeper" of Shaoxing and help accelerate the development of a modern industrial system.

Zheng Hongmeng, CEO of Foxconn Industrial Internet, said that Shaoxing attaches great importance to the development of the digital economy and has a good environment for venture capital investment.

He said he hopes the plant can contribute to Shaoxing's scientific and technological innovation, promote the high-quality development of manufacturing industry, and inspire more people to create a beautiful Shaoxing.