SHANGHAI, March 23 (Xinhua) --The U.S. materials science giant Dow intends to invest another 300 million U.S. dollars in the next five years in Zhangjiagang, eastern China's Jiangsu Province, the company said on Monday.
Dow on Monday signed its Memorandum of Understanding (MoU) for collaboration with the Zhangjiagang Free Trade Zone.
The investment is aimed at facilitating expansion and increasing capacity at Dow's signature manufacturing site in Zhangjiagang to meet growing global demand for differentiated silicone products, according to the company.
"Due to megatrends such as globalization and urbanization and a growing focus on sustainable development, customers across industries are seeking more innovative, sustainable and differentiated silicone products -- especially customers in China and the Asia Pacific region," said Mauro Gregorio, president of the Dow Performance Materials & Coatings.
Gregorio noted the five-year investment plan will enable Dow to better address customers' fast-growing needs across a wide range of key industries, such as mobility and transportation, building and infrastructure, electronics and home and personal care.
"The MoU we are signing today is a testament to our long-standing commitment to growing alongside the city of Zhangjiagang and our partners in China," said Yoke Loon Lim, president of Dow Greater China, who signed the MoU on behalf of Dow.
"We view China as a rapidly growing market, and the planned investments reflect our confidence in this view," Lim said.
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