SIP signed a cooperation framework agreement with Sinar Mas Group on Jan 30 to join hands with the Indonesian conglomerate in setting up a science and technology development park based on its plant in the area. As estimated, the project will cost more than RMB50 billion.

Sinar Mas Group, founded in 1962, is active in diverse industries, including pulp and paper, agriculture and food, energy, financial services and real estate. It entered Chinese market in 1992 and has ever since taken Suzhou as one of its major development bases in the Yangtze River Delta region. Its two papermaking companies in SIP have now grown into industrial leaders in the country.

"The project is expected to take initial shape within three to five years, with integrated functions for research and production. It will become SIP's biggest sci-tech park that highlights artificial intelligence, big data, Cloud computing and advanced manufacturing," said Chen Yu, CEO of the group's real estate arm in China.

It is anticipated that the project will help more than 100,000 people land a job.