Magna International Inc. signs a project agreement with the Taicang government in East China's Jiangsu province on Aug 22. [Photo/WeChat account: tcfbgw]

Deals for two major projects were signed on Aug 22 in Taicang, a county-level city in East China's Jiangsu province.  

One project, funded by Canada-based Magna International Inc., is related to smart driving systems of new energy vehicles. It will cost more than $100 million to build. 

When put into operation, the facility will manufacture electronic devices and intelligent mirror systems, and it is expected to generate 2 billion yuan ($291 million) worth of annual output. 

Magna, one of the top 5 global OEM parts suppliers, first established a presence in Taicang in 2011. The sales revenues of its Taicang operations were 1.04 billion yuan in 2021. 

The other project is the GACP (Global Aerospace Cluster Partnership) China Hub funded by Shanghai-based Donghao Lansheng (Group) Co Ltd. The construction and operation of the hub will be managed by Shanghai Yadao Information Technology, a subsidiary of Donghao Lansheng. 

The hub will play an important role in bolstering the development of the aerospace industry in Taicang, said Wang Xiangyuan, Party chief of the city. 

Shanghai Yadao Information Technology had earlier set up an aerospace service company in Taicang, and the new project would play a critical role in contributing to the formation of a complete aerospace industrial chain in the city, according to authorities. 

Shanghai Yadao Information Technology is the official organizer of the IASC Leader Summit of China International Import Expo, and has established strategic cooperation with 46 aerospace industrial clusters in 19 countries.