The groundbreaking ceremony of Shanjin Optoelectronics (Suzhou) Company is held in the county-level city of Zhangjiagang on March 5. [Photo/WeChat account: zjgtvnews]

The groundbreaking ceremony of Shanjin Optoelectronics (Suzhou) Company was held in the county-level city of Zhangjiagang, East China's JIangsu province on March 5, according to a local news report.

The project, valued at 7 billion yuan ($1,071.98 million), was jointly invested in by Ningbo Shanshan Group and South Korea's LG Chem, and covers an area of 28.67 hectares.

The first phase of the project will include the construction of two liquid crystal display or LCD production lines in Zhangjiagang Economic and Technological Development Zone, which is expected to be the world's largest supplier of LCD polarizers when it begins operating in 2022. The project will help Zhangjiagang set up a world-leading optoelectronic industrial park in the zone.

The Suzhou production base of Shanjin Optoelectronics will increase its production capacity and focus on innovation, aiming to develop itself into an industry leader, according to Zheng Yonggang, chairman of the company. Zheng also praised Zhangjiagang's favorable business environment.

Pan Guoqiang, Party secretary of Zhangjiagang, said that a total of 15 projects, with a combined investment of 26.7 billion yuan, were launched in the Zhangjiagang zone on the same day. They are expected to become new engines for the city's high-quality development and stimulate innovation. The Suzhou production base of Shanjin Optoelectronics will help the city build a world-class cluster of strategic emerging industries.

Pan added that Zhangjiagang will seize national strategic opportunities, such as the integrated development of the Yangtze River Delta, to introduce more high-quality projects in an effort to accelerate the building of a modern industrial system.