Taiwan's tech giant Foxconn on Friday signed a strategic cooperation agreement to invest 25 billion yuan (3.65 billion U.S. dollars) in new industries in the city of Kunshan in east China's Jiangsu Province.
This is the first strategic step for Foxconn to seek transformation in the Yangtze River delta.
According to the agreement, Foxconn will invest over 8 billion yuan in the initial phase. The spate of investment projects ranges from new energy battery R&D center and production base to Internet of Things and pollution prevention and treatment.
Foxconn has invested a total of 1.7 billion U.S. dollars in Kunshan in the past 24 years.