District in China's Guangzhou, South Korea's STI sign $1.79 billion investment deal

A ‍district government in the southern Chinese city ⁠of Guangzhou signed an investment deal with South Korean semiconductor ‌manufacturer ‌STI worth around 12.4 billion yuan ($1.79 ‌billion), the Guangzhou government said in a social media post on Tuesday.

Under the agreement, STI will building a power semiconductor manufacturing base ‌in ‍Guangzhou's Baiyun District ‍with the first-phase investment of around 1.6 ‌billion yuan to produce AMB ceramic substrates, a material widely used in industries like electric vehicles.

Construction of the project ‍will start after the Spring Festival in ‍mid-February. Completion ⁠and ⁠production are expected by the end of the year, the Guangzhou government said.


($1 = 6.9102 Chinese yuan renminbi)