The city of Zhangjiagang in Jiangsu province holds a signing ceremony on May 17 for a 490 million yuan ($75 million) automotive component project with South Korea's Taelim Industrial Company.

The city of Zhangjiagang in Jiangsu province held a signing ceremony on May 17 for a 490 million yuan ($75 million) automotive component project with South Korea's Taelim Industrial Company.

The deal involves the auto part assembly line manufacturer building a new production plant in the city, covering an area of 35,000 square meters. The project is expected to yield 1 billion yuan in sales revenue and more than contribute 40 million yuan in tax annually.

Construction on the project will begin in early 2017, with production expected by the end of the year. The plant will produce 6 million intermediate power steering products and account for about 10 percent of the global market share.