XIAMEN, April 26 (Xinhua) -- Xiamen Torch Electric Industrial Park (Phase I), also known as the Schneider Electric Xiamen Industrial Park, started construction on Friday in the city of Xiamen, east China's Fujian Province.
After its completion, the park will become French multinational company Schneider Electric's biggest manufacturing facility for medium voltage equipment anywhere in the world.
Invested and constructed by Xiamen Torch Group, the park mainly consists of a research and development (R&D) office building and a factory building, with a total construction area of about 110,000 square meters and a total investment of about 1.2 billion yuan (about 169 million U.S. dollars).
The park is expected to be completed in 2025, and will be rented by Schneider Electric. It will double the size of Schneider Electric's existing factory in Xiamen and is expected to double its production capacity in the next five years.
Vincent Bruneau, vice president of Global Supply Chain China of Schneider Electric, said that the park would become a major R&D center, manufacturing center and supply hub for the company to serve the global medium voltage market.
Bruneau added that the construction of the new park shows that Schneider Electric is optimistic about the Chinese market and determined to deepen its operations in Xiamen.
"After the park is officially put into operation, some of its products will supply overseas markets, including countries and regions participating in the Belt and Road Initiative," said Bruneau. ■
