The High-Tech New Zone in the county-level city of Taicang has become the home of a new medical equipment manufacturing project being carried out by Shanghai Sanyou Medical Co Ltd, on Oct 9.

The project, which attracted 1 billion yuan ($148.1 million) in investment, is expected to contribute to the growth of the medical sector in the High-Tech New Zone.

Shanghai Sanyou Medical Co Ltd, founded in 2005, specializes in the research, production and sales of medical equipment. The company has been honored several times for its technological innovation. It was listed on the science and technology board of the Shanghai Stock Exchange.

Liu Mingyan, chairman of Shanghai Sanyou Medical Co Ltd, said that Taicang has a favorable business environment, and specifically mentioned its high approval efficiency.

He expressed hope that Sanyou will become an integral part of Taicang and contribute to regional development.

In recent years, the High-Tech New Zone in Taicang has been dedicated to developing its bio-pharmaceutical industry and has attracted a large number of leading players in the field to invest in the zone.

So far, well-known companies such as PerkinElmer, Crown Bioscience and Connect Biopharmaceuticals have set up branches in the zone.