An LCD polarizer project worth $1.1 billion will be developed in Zhangjiagang Economic and Technological Development Zone in Suzhou, East China's Jiangsu province. [Photo/zjgonline.com.cn]

An LCD polarizer project worth $1.1 billion will be developed in Zhangjiagang Economic and Technological Development Zone in in Suzhou, East China's Jiangsu province, according to a signing ceremony held in Suzhou on June 28.

The project was jointly launched by Ningbo Shanshan Corporation and LG Chem, South Korea's biggest chemical maker. Both sides agreed to set up a polarizer research institute in the zone and establish production lines for upstream and downstream supporting polarizer enterprises, aiming to make Zhangjiagang the largest producer of polarizers in the world.

Lan Shaomin, Party secretary of Suzhou, addressed the ceremony, saying that Zhangjiagang has long stood at the forefront of Suzhou's reform and opening-up. The city is now facing opportunities brought about by national strategies such as the integrated development of the Yangtze River Delta, which will inject strong impetus into the sustainable development of Zhangjiagang.

The city will ramp up efforts to further open up and bolster its high-quality development. The LCD polarizer project will help Zhangjiagang set up an optoelectronic industry cluster worth 10 billion yuan ($1.42 billion), said Pan Guoqiang, Party secretary of Zhangjiagang.

Pan added that the city will make efforts to create a sound business environment in an effort to attract more high-quality projects.