Skyworth Group, the Shenzhen based Chinese TV manufacturer, has signed a cooperation agreement with Guangzhou's Huangpu district on Jan 8 to build a smart industry innovation base.

According to the agreement, Skyworth Group will invest a total of 7 billion yuan ($1.08 billion) in the project, which will cover an area of 66.7 hectares and be located in Sino-Singapore Knowledge City.

Skyworth Group signs a cooperation agreement with Huangpu district on Jan 8 to build a smart industry innovation base. [Photo provided to chinadaily.com] 

The innovation base will concentrate on the production of Skyworth Group's core products such as 4K intelligent televisions and smart set-top boxes. This will help Guangzhou to build itself into a world-class base for flat-panel displays and a hub of the smart manufacturing industry. It will also gradually become the company's global R&D center, marketing center and supply chain management center.

A rendering of the innovation base which will be built in Sino-Singapore Knowledge City. [Photo provided to chinadaily.com]

Construction on the first phase project will begin in the first half of 2018 and to finish in the middle of 2019. The whole project is scheduled to be completed by the end of 2020. Once completed, the base will be able to produce 30 million TVs and 1.8 million smart terminal products, create 6,000 jobs, yield an annual value of production of 30 billion yuan and contribute 2 billion-yuan taxes every year to the local economy.