Construction begins on the Wuxi research, development and manufacturing base of the Genesis MedTech in Wuxi Taihu National Tourist Resort Zone on Nov 3. [Photo/wxrb.com]

Construction work on the Wuxi research, development and manufacturing base of the Shanghai-based medical technology company Genesis MedTech began in Wuxi Taihu National Tourist Resort Zone on Nov 3.

The project, valued at $720 million, was the first major project deal to be signed in the city after the Spring Festival holiday due to the COVID-19 pandemic.

The first phase of the project, aimed at researching, developing and producing medical products related to the interventional therapy of cardiac tumors, will cost 1.5 billion yuan ($226 million). It is expected to begin operation within two years.

Wang Xin, chairman and CEO of Genesis MedTech, spoke highly of the industrial base and government services in Wuxi, which benefited the creation of their new project.

Wang said that the company will use its Wuxi base as a bridge to carry out more communication and cooperation with first-class international R&D teams and promote the transformation and popularization of cutting-edge medical technology products in China.

"As a high-tech enterprise focusing on the R&D, production and sales of high-end medical devices, the innovative value and market prospects of Genesis MedTech are worth looking forward to," said a representative involved in the project from the government of Binhu district.