Three Major ROK-funded Textile Projects Become Operational

The Anhui Xinhao Textile Co Ltd meets world standards with its 22,000 spindles and other facilities all imported from Germany and Italy.

Xinhao is expected to annually produce 6,000 tons of worsted fabrics and one million ready-to-wear products.

All of its products will be exported to Europe, America, Japan and the ROK and are expected to bring in US$25 million of foreign exchange for the company.

Xinhao is believed to be the largest company of its kind in the province, in terms of its output, use of overseas investment and exports.

Another local company wholly funded by Shinwoo, the Anhui Dongfang Textile Co Ltd, also went into operation the same day in Huainan to produce linen textiles.

Dongfang, with an investment of US$7.5 million, is expected to earn US$six million of foreign exchange from exports of all its linen products.

Dongxin Textile, the third local company funded by an ROK company, also became operational on the same day.

Equipped with US$12 million worth of imported facilities, Dongxin, funded by Myungjin Co Ltd, will produce 6.4 million meters of cloth and fabrics a year and is expected to make US$8.7 million of foreign exchange from its exports of all its products.

The three ROK-funded firms, with Xinhao as the parent company, will develop into leading businesses in the ROK industrial zone which is under construction in Huainan. (Eastday.com)