Nippon Electric Glass, a company dedicated to the production and sales of substrate glass for liquid crystal displays (LCD), signed a contract with Guangzhou Development District (GDD) on Aug 29 to build another production base in the city.

The project marked a new arrangement for GDD's LCD industrial cluster since the third phase of LG 8.5 panel display project and Skyworth research center project began earlier this year.

Akihisa Saeki, a top official of Nippon Electric Glass, said the company's first phase project in Guangzhou is one of its most successful and lucrative factories, which gives them great confidence to construct a second phase project.

"It takes only two months to nail down the second phase project of Nippon Electric Glass. And GDD will as always support the construction and development of the project," said Chen Xiaohua, deputy director of GDD management committee and head of Huangpu district.  

During the first half year of 2017, overseas capital invested in GDD reached nearly $1.5 billion, 40 percent of Guangzhou's total. The district has become an LCD base with the highest technologies, largest scale and the highest profit. The output value of the panel display industry in GDD reached 88 billion yuan ($13 billion) in 2016 and will hit 100 billion yuan by the end of 2017.