(Photo provided to Xinhua Daily)

The overseas investment promotion delegation of Wuxi High-Tech Industrial Development Zone signed an agreement with LS Mtron, the heavy machinery and parts-making unit of South Korea's LS Group, on January 7 for a project worth $50 million.

The project is expected to generate an annual business revenue of more than one billion yuan and tax payment of 45 million within 3 years after the launch.

The delegation, the first from the development zone in 2023, started the journey on January 6. They plan to visit enterprises in South Korea and Japan in 8 days, holding workshops in Seoul and Tokyo with multinational companies and also promoting the city's industrial investment environment.