The Rizhao municipal government and the RGE (Royal Golden Eagle) Group signed a cooperation agreement on July 30 in Jinan, capital of Shandong province.

The Rizhao municipal government signs a cooperation agreement with the RGE Group on July 30 in Jinan, Shandong province. [Photo/Dazhong Daily]

According to the cooperation agreement, Asia Symbol (Shandong) Pulp and Paper Co, a subsidiary of RGE Group, will invest 15 billion yuan ($2.09 billion) in the Rizhao Economic and Technological Development Area to expand the industrial chain. A production base capable of manufacturing 40 billion yuan worth of forest pulp, paper and fiber will also be built.

The new project will inject new vitality and add new momentum to Rizhao's economic development, as well as promote sustainable development in Shandong province, said local officials.

Headquartered in Singapore, RGE manages a group of resource-based manufacturing companies. Its work ranges from the upstream, comprising sustainable resource development and harvesting, to downstream, where its branch companies create diverse value-added products for the global market.

Asia Symbol is a world-leading producer of pulp and paper under the RGE Group and it is committed to sustainable development and exploration of long-term renewable resource for paper production.