November 21, 2008

China to ink investment pact with Bekaert

It is reported that China, planned to sign an investment agreement with Belgian Bekaert Group to set up China's largest tyre cord steel wire plant at Shuangqiao District in Chongqing. The first investment fund of this project will amount to over EUR100m reportedly.

Mr Huang Renchao head of the Investment Promotion Bureau said "We have just settled on the investment specifics with Bekaert today. He said that Shuangqiao district was built up in 1970's, and now has owned over 300 auto and supporting firms producing the parts and accessories. Shuangqiao is now entering into its new development term with the establishments of a series of projects, which are expected to bring about an annual production value of RMB10b after being put into service."