Employees work hard at a manufacturing company in Taicang, a county-level city in East China's Jiangsu province. [Photo/WeChat account: tcfbgw]

A ceremony was held at Taicang Port on March 9 to launch two mega projects, the QuaTerNes International Food Collection and Distribution Sales Center, as well as the PhiChem photoelectric semiconductor manufacturing project.

The QuaTerNes International Food Collection and Distribution Sales Center, which has an investment of $150 million, is expected to generate 5 billion yuan ($770 million) in annual sales. The center is expected to reduce the distribution costs of companies and help with the importing of more agricultural food.

The project will span 150,000 square meters and be divided into a cold chain and food storage center, an international food processing center, as well as a food safety and big data center, according to Liu Yang, general manager of QuaTerNes China.

Taicang Port is located at the south bank of the Yangtze River estuary. [Photo/WeChat account: tcfbgw]

Shanghai PhiChem Material Co Ltd, which is a listed company on the Shenzhen Stock Exchange, is a leading player in supplying liquid crystal display materials, semiconductor fabrication, and encapsulating material production.

Since the beginning of this year, Taicang Port has signed 10 project agreements involving environmental protection, modern logistics, and advanced material manufacturing. The investments of these projects total 6.71 billion yuan.

Once these projects reach expected production capacities, they are expected to generate 21.16 billion yuan in annual output.