China's Ningxia, ROK enterprise ink deal on spandex manufacturing project
China's Ningdong Energy and Chemical Industry Base has inked a deal on a spandex manufacturing project worth 4.47 billion yuan (US$661.1 million) with Taekwang Industrial Co., Ltd. of the Republic of Korea (ROK).
An agreement on the project was signed on Monday in Yinchuan, capital of northwest China's Ningxia Hui Autonomous Region, as a highlight of an event held from Monday to Thursday to mark the 30th anniversary of the establishment of diplomatic relations between China and the ROK.
Spandex, known for its exceptional elasticity and abrasive resistance, has been widely used in modern textile industry such as the production of sportswear.
The Ningdong Energy and Chemical Industry Base, located in eastern Ningxia, is one of China's largest coal production bases and a coal-to-chemical industry base.
According to official data, a total of 33 ROK enterprises have made direct investments in Ningxia including spandex manufacturing and software development.
The total volume of foreign trade between Ningxia and the ROK reached 1.46 billion yuan in 2021, with a year-on-year growth of 105.6 percent.
Some 45 guests from the ROK, including officials and business people, will attend a series of activities in Ningxia during the four-day event.
A slew of cooperation agreements are expected to be signed online and offline in trade and investment, education, and sister-city relationships, among others, during this event.