Foxconn to invest $1B in China industrial park

Taiwan electronics firm Foxconn disclosed plans to invest $1 billion over the next three years to produce electronic products in Qinhuangdao, China, according to Xinhua.net.

The $1 billion investment is earmarked for the building of an industrial park in the Beidaihe district of Qinhuangdao, said Terry Gou, president of Hon Hai Precision, a shareholder in Foxconn Group.

The park will house a cluster of nanotechnology R&D centers as well as factories that manufacture electronics, including PCBs and signal transmitters. Gou said that park will create 35,000 job opportunities.

In February, Foxconn started its a $99 million-project in Langfang City as part of the company's strategy to move its production base from eastern coastal areas to the north and northeastern inland regions.