Midea signs agreement for science and tech industrial park

Chinese home appliance manufacturer Midea Group signed an agreement with the Shunde district government of Foshan, Guangdong province, on Friday to develop a digital science and technology industrial park, marking a leap forward in its digitalization of the manufacturing sector.

The park, carrying an investment of 10 billion yuan ($1.49 billion), is designed to become a development zone for low-carbon and intelligent manufacturing, according to company sources.

"We will continue to deploy and invest in new cutting-edge technologies, helping Foshan speed up its construction of innovative and intelligent manufacturing," said Fang Hongbo, chairman and president of Midea.

Completion of the industrial park will also help Midea upgrade from a home appliance manufacturer to a global technology and innovation-driven company.

"We will provide global users with intelligent, digital and low-carbon building solutions and increase our capabilities in research and development and manufacturing of high-end electronics," he said.

Three projects covering air conditioners, high-end manufacturing of building solutions and electronics will be included in the industrial park.

Advanced facilities will be introduced to the industrial park to help increase production efficiency and reduce carbon emission.