On October 13, the government of the city of Xiangtan in China's Hunan Province signed a strategic cooperation agreement with local steelmaker Hunan Valin Iron and Steel Group, according to which a high-tech industrial zone covering 5,000 acres will be established in the Shuangma district of Xiangtan.
Both sides have pledged to work to attract investment and to develop the high-tech zone, while focus will also be placed on the processing of line pipes, structural steel, fasteners, steel cords, etc
Li Xiaowei, chairman of Hunan Valin Steel Group, stated that in China's 12th five-year plan period the company aims to invest more than RMB 20 billion ($3.01 billion) in projects in the new industrial zone, with the planned investment expected to amount to RMB 10 billion ($1.50 billion) in the 2010-13 period.