Hyosung Spandex (Ningxia) Co Ltd, the largest foreign-funded enterprise in the Ningxia Hui autonomous region, showed great confidence in carrying out the construction of their third phase project due to the favorable business environment in Ningxia.

"By utilizing newly developed technologies and equipment, along with the complementary energy provided by the Ningdong Energy and Chemical Industry Base, we are able to reduce production costs and highlight our advantages in the industry," An Junmo, president manager of the company, said at the groundbreaking ceremony on Monday.

Established by South Korean chemical and textiles conglomerate Hyosung Group in January 2021, the company is mainly engaged in the manufacturing of synthetic fibers and chemical products.

Located in the Ningdong Base, the project is planned to be constructed in five phases and, after completion, its annual production capacity will achieve 360,000 metric tons of spandex and 300,000 tons of polytetramethylene glycol.

At that time, the Ningdong base will become the largest spandex production base in China and globally.

The total investment of the third phase will reach 1.8 billion yuan ($248.7 million), including the construction of two production lines and supporting facilities.

With the production capacity of 360,000 tons and an investment of 12 billion yuan, the project is one of the 14 major projects with a total investment exceeding 10 billion yuan at the Ningdong base.

It is also a key project focusing on new quality productivity and other investment directions implemented by the base.

"The Ningdong Base will continue to create a better business environment," said Zhang Wei, director of the management committee of the base. "We will spare no effort to support the construction of the third phase project, providing proactive services, such as door-to-door services, to ensure full support for the project construction."