NANJING - Foxconn Technology Group, the world's largest electronics contractor, has planned to launch a new R&D center in Nanjing in East China's Jiangsu province, according to a contract signing ceremony here.

The project, with a planned investment of 4.58 billion yuan ($720 million), covers an area of 3.8 hectares in the China (Nanjing) Software Valley.

The center will focus on the development of intelligent terminal devices and smart wearable products, according to the company.

The center is part of a strategic cooperation agreement signed by Foxconn and the Nanjing municipal government in September 2017 to improve collaboration in information technology, smart terminals and high-end equipment manufacturing.

About 450 employees are currently working at the center's temporary office in the valley.