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SND, Midea forge collaborative ties

Updated : 2020-11-11

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Suzhou New District signs an agreement with Midea Group, China's most valuable home appliance company, on Nov 11. [Photo/snd.gov.cn]

Suzhou New District (SND) signed an agreement with Midea Group, China's most valuable home appliance company on Nov 11, aiming to deepen cooperation in fund investment, industrial internet, intelligent healthcare, and integrated energy management.

According to the agreement, Midea will set up a promotion center for the innovative application of intelligent home appliances, a collaborative innovation center of smart medical and massive health industries, and a regional financial settlement center.

Its subsidiary in SND will also focus on offering integrated solutions to high-end education, healthcare, transportation, modern services, and real estate, aiming to boost the development of smart cities.

Midea will join hands with SND to establish a fund for innovative industries. The first phase of the fund is worth 200 million yuan ($30.28 million).

Fang Hongbo, chairman and CEO of the Midea Group, received warm welcome from local officials.

Fang said SND enjoys sound geographical conditions and an excellent business environment. It has obvious advantages and broad prospects for development. Relying on SND’s solid industrial foundation, Midea will give full play to its strength in advanced manufacturing and financial services and aim to settle more high-tech projects in the district and boost local development.

Local officials said SND was dedicated to accelerating the intelligent transformation and digitalization of traditional industries, vigorously developing emerging industries, making its manufacturing bigger and stronger, and enhancing the district's core competitiveness.

They hoped that Midea will continue to expand its investment in Suzhou and set up more functional centers and regional headquarters in SND.

"We will work together with Midea to strengthen the real economy and strive for greater development," an official said.

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