CIFIT Organizing Committee cooperated with CSR Company for the first time this year, to help facilitate enterprise partnerships. Meetings and activities between potential enterprises were held in Jiangxi, Anhui, Xi’an and Lanzhou. More than 30 investment institutions attended the meeting to see if there were any potential projects worth investing in. Many deals were signed.
On August 24, Chongqing Qinchuan Industry and Trade Co., Ltd. Board Chairman Xu Jinping and AMS Co., Ltd. Board Chairman Lee Ming-Kuen signed a joint venture agreement on behalf of their respective companies. The JV was named: “Chongqing Qinchuan Aimingsi Automobile Lamp Co., Ltd.” The company operates by introducing the advanced technologies and scientific operation and management methods from South Korea to produce state-of-the-art automobile lamp products. Its production capacity: 200,000~250,000 sets/year in the first phase, 250,000~500,000 sets/year in the second phase and 1,000,000 sets/year in the final stage. Its total investment in the first phase is 16 million dollars and the registered capital is 6.5 million dollars (40.6 percent of the total investment). The difference between total investment and registered capital is to be covered by a loan. Following the development of production and operation, it is estimated that the final total investment will reach 30 million dollars subject to market demand. The Chongqing side will provide 4.55 million dollars, accounting for 70 percent of the total capital contribution and the South Korea side will contribute 1.95 million dollars, accounting for 30 percent of the total investment.
Both sides started its business dealings in the Jiangxi leg of the “matching meeting of projects for investment in Chinese green industries” organized by CIFIT Organizing Committee. Later on, the two sides held talks in South Korea and Chongqing. With the effort of the CIFIT Organizing Committee, both parties finally formed a partnership.