The local government of Liaocheng Economic Development Zone formally awarded the project of Rifa cutting edge modern textile machinery technology park to Rifa Holding Group. Jie Wu, the chairman of the board and chief executive officer of Rifa Holding Group, and Haiyun Yu, the vice president, along with Xuping He, the president and chief executive officer of Rifa Textile Machinery, attended the signing ceremony. Tongmin Cai, the member of standing committee of Liaocheng Municipal Committee and secretary of work committee for offices directly under CPC Liaocheng Committee, Xuanyu Zhang, the deputy major of Liaocheng City, Guangping Yang, secretary of the work committee of Liaocheng Economic Development Zone, and Zeying Xu, deputy secretary of CPC work committee and director of management committee were present at the ceremony.
The construction program of cutting edge modern textile machinery technology park aims to further upgrade Rifa products via product transformation as well as increasing production capacity. Its ultimate goal is to build a world-class shuttle-less loom and electronic equipment manufacturing base. With a total investment of 4.6 billion RMB, the project is scheduled to cover a land area of 287.4 acres. Development of the project will be carried out over three phases. The first phase will include the construction of water spray system and terry loom. The construction of high end electronic assembly will begin in the second phase. In the third phase, the knitting machine as well as the dyeing and finishing equipment will be created. The completion of this project will not only mean a new source of income and new opportunity for development, but also give big boost to the construction of Jiuzhou International High Technology Park and development of high technology within the Liaocheng Economic Development Zone.
At the signing ceremony, Zeying Xu and Xuping He, on behalf of the Liaocheng Economic Development Zone and Rifa Holding Group, signed the investment contract. The formal signing indicates Rifa Holding Group successfully received the project from the local government of Liaoning Economic Development Zone.