Taipei, June 27 (CNA) Tingyi (Cayman Islands) Holding Corp., a food processor based in China run by Taiwanese entrepreneurs, began the construction of new factories in Xian Tuesday to meet growing demand, a Chinese news agency reported Wednesday.
Tingyi will invest US$220 million in the new complex in the Xian Economic and Technological Development Zone, with the facility's output value expected to reach 3.5 billion Chinese yuan (US$550.2 million) a year, the Xinhua News Agency reported.
The 31-hectare industrial complex will include one plant to produce the company's signature Master Kong-brand instant noodles and another factory that will mainly manufacture cardboard boxes, said Huang Tzu-chiang, the general manager of Xian Tingyi Food Co., Ltd.
The instant noodle production line is expected to become the biggest of its kind in Asia.
The report noted that at full capacity, the facility could generate 290 million Chinese yuan in tax revenues for China a year.
The Xian government has set up a special area for Taiwanese businesses in the Xian Economic and Technological Development Zone to attract more investment, the report said.
(By Hanna Liu)