Officials pose for a photo after signing an agreement to launch a new energy drive system in Taicang on Dec 20. [Photo/WeChat account: tcfbgw]

BorgWarner Inc, an American automotive industry components and parts supplier, signed an agreement on Dec 20 to launch a new energy drive system in Taicang, Jiangsu province.

The 3-billion-yuan ($471 million) project is expected to generate an annual revenue of 3 billion yuan.

Tom Tan, vice-president of BorgWarner Inc and president of BorgWarner China, said the decision to launch the new project was driven by the success that the company's first branch in Taicang - BorgWarner Auto Parts (Jiangsu) Co – had achieved since it was founded in Jan 2013.

BorgWarner Auto Parts (Jiangsu) Co is located at 88 Qingdaodong Road Taicang. [Photo/WeChat account: tcfbgw]

In recent years, thousands of German and other European and US companies, have set up shop in Taicang.

Matthias Mueller, managing director of the German Center for Industry and Trade in Taicang, praised the city's business environment, noting that it is friendly, convenient and approaching German standards of transparency.