Benzinga | Dec 2, 2020 07:01AM EST

Borqs Technologies Signed Official Agreement for 5G Industrial Park Project in South Taihu New Area of Zhejiang Province, China

Borqs Technologies, Inc. (NASDAQ:BRQS, the &ldquo, Company&rdquo, ))), a global provider of embedded software and products for the Internet of Things (IoT), today reported that the Company has signed the official agreement for cooperation with the Huzhou South Taihu New Area for a 5G Industrial Park Project.

This project will be implemented in two phases. In the first phase, a 5G R&D center and production plant will be established. The Joint Venture will be provided a rent-free facility of 5,500 sq.mtr. for 2.5 years. In the second phase, the Joint Venture will construct the Borqs 5G Industrial Park and the Joint Venture will be granted 13,000 sq.mtr. of commercial and residential land to be used as the communication center and guest building.

With the agreement in place, the Company will immediately setup joint-venture operational facilities in the South Taihu New Area for its 5G activities, including sales, R&D center, and manufacturing in the new industrial park. The local government will reimburse the costs of relocation and provide grants for purchasing and leasing of equipment. Most importantly, the government will work with local banks to support the Company with supply chain purchasing credits at prevailing interest rates for the Company's manufacturing needs.

"The timing of this support is crucial as our Company plans to ramp up our product sales in 2021. The Joint Venture will play an important role in the growth of the Company," said Pat Chan, Chairman & CEO of Borqs Technologies.