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Borqs Technologies, Inc., a global provider of embedded software and products for the Internet of Things (IoT), reported that the Company has signed an MOU with the Board Committee of Huzhou South Taihu New Area for a 5G Industrial Park Project.
The company intends to setup a Joint Venture in South Taihu New Area in the near term which will serve as Borqs’ China headquarters for 5G activities, including sales, R&D center, and manufacturing.
This project will be implemented in two phases. First, a 5G R&D center and up to 10 micro-electronics manufacturing lines will be established. The Joint Venture will be provided rent-free facilities of 5,500 square meters for two and a half years. In the second phase, the local government authority will construct a Borqs 5G Industrial Park and the Joint Venture will be granted 13,000 square meters of land for commercial and residential use.
The Company’s operations within the area will also enjoy government supported manufacturing supply chain financial assistance, favorable equipment leasing programs, a series of local grants and local tax incentives.
The Company expects to sign the definitive agreement of cooperation in the very near future.