Photo taken on May 24, 2018 shows the scenery of Qingdao City, east China's Shandong Province. (Xinhua/Guo Xulei)
The tire factory project in Galicia, Spain of Chinese tire company Qingdao Sentury Tire Co., Ltd. (Sentury, 002984.SZ) has recently been recognized as a strategic industrial project by the local parliament, reported Shanghai Securities News Sunday.
The recognition of strategic industrial projects is an important initiative in Galicia to simplify administration and support the recovery of the local economy, aiming to attract quality investment projects. The approval period for recognized projects will be cut by half if they meet technical, legal and environmental standards.
Sentury's tire factory is quite an important project for the region, and will generate a far-reaching influence, said Alfonso Rueda, the president of the parliament of Galicia.
Rueda also explained the benefits the project will bring to the surrounding infrastructure by taking the Port of Ferrol as an example, stressing that the tire factory is expected to make the container traffic at the port increase fourfold and create new jobs at the port.
According to Sentury, the tire factory in Galicia has a planned annual production capacity of 12 million tires, and after completion, the factory is expected to become the first smart tire plant built by a Chinese tire enterprise in developed countries in Europe and America.