Samsung, one of the Fortune 500 enterprises, signed an official agreement with Zhejiang Pinghu Economic Development Zone recently. So far there are 11 fortune 500 enterprises settled in Pinghu development zone.

Samsung Corp. is the first foreign-invested project introduced in Pinghu Economic Development Zone this year and also the first Fortune 500 enterprise. South Korea Samsung is a giant multinational group with more than 60-year history.

The total investment for the first phase in Pinghu Economic Development Zone is USD50m with registered capital of USD30m, covering an area of 130 mu. The project is mainly engaged in high precision alloy production, with products mainly used in cell phone, laptop and other household electric appliance precision parts.

It was known that Pinghu Economic Development Zone strives for introduction of another Fortune 500 enterprise, two well-known multinational companies and three industrial leading companies for investment this year.