|

Technicians work at the Rugao branch of Sieyuan Electric in Rugao Economic and Technological Development Zone. [Photo/WeChat account: RGETDZ]

Rugao Economic and Technological Development Zone in Rugao, Nantong experienced significant development in the industrial sector in the year 2020.

The annual taxable sales of industrial enterprises in the zone amounted to 5.14 billion yuan ($796.86 million) last year, a 7.9 percent year-on-year increase, with innovation serving as a powerful driver.

Nantong Health & Beyond Hygiene Products Co has experienced a surge of overseas orders after its products obtained a national invention patent in 2018. The company's annual sales in 2020 reached 294 million yuan, more than triple its sales in 2019.

The local branch of Sieyuan Electric, with annual sales valued nearly 3 billion yuan, boasted quite a few innovative products, including 10-kilovolt circuit breakers and load switches.

Jiangsu Rugao High Voltage Electrical Apparatus Co, a subsidiary of Sieyuan, is currently engaged in a cooperation program with a Russian company. It independently developed a kind of circuit breaker, as well as supplied technology and spare parts to its partner, which is then assembled and sold abroad, according to Mao Jianjun, deputy general manager of the company.

The administration of the development zone has been making efforts to optimize its business environment and provide financial support for the innovative development of local companies.

Matchmaking events have been held, helping 68 companies in the zone obtain more than 5 billion yuan in loans, over 2.6 billion yuan of which have been paid.

Administrative processes have also been streamlined to a large extent. It now takes only two working days to start a business, three working days to register real estate, and 40 working days to get construction approval.