South Korean memory chip giant SK Hynix has partnered with the government of Wuxi, a city in the east of China’s Jiangsu Province, to create the China-Korea Integrated Circuit Industrial Park as part of Beijing’s march towards semiconductor self-sufficiency, reports the South China Morning Post.
Construction has started on the new industrial park with a total investment of RMB 2 billion ($310 million), according to the Wuxi government’s announcement on Thursday. There were no details about the facilities to be built on site and the completion date for this infrastructure.
Following that announcement, the city is expected to become home to 19 new semiconductor-related projects with a combined investment of RMB 30.3 billion.
Among those projects, Wuxi Lead Intelligent Equipment Co – a company principally engaged in the research and development, design, production and sales of automation gear – has invested RMB 10 billion to build an advanced manufacturing research institute focused on integrated circuits (ICs) and new energy equipment.