The commencement ceremony for Wuxi's major projects in 2018 and LG Chem's automotive battery anode material project is held in Wuxi's Xinwu district on Feb 19. [Photo provided to chinadaily.com.cn]

The commencement ceremony for Wuxi's major projects in 2018 and LG Chem's automotive battery anode material project was held in Wuxi's Xinwu district on Feb 19.

Li Xiaomin, Wuxi's Party secretary, Huang Qin, mayor of Wuxi and Lee Hyang-mu, director of LG Chem's battery material project department, attended the commencement ceremony.

A total of 301 major projects will be carried out in Wuxi, Jiangsu province in 2019, costing a total of 297.7 billion yuan ($43.9 billion), of which 87.9 billion yuan will be allocated this year, according to Huang.

The projects will include 248 industrial projects, 38 projects to improve living standards, five projects for environmental protection and 10 projects related to innovation.

Lee Hyang-mu, director of LG Chem's battery material project department, attends the commencement ceremony. [Photo provided to chinadaily.com.cn]

LG Chem, a leading South Korean chemical company, signed to invest $1?billion in an automotive battery anode material project in Wuxi Xinwu district in May, 2018.

Supported by Huayou Cobalt Company from Zhejiang province, the project is expected to be completed in December this year, with the aim of finally releasing mass production units in May 2020 to generate an annual output value of 20 billion yuan ($3 billion).

Lee Hyang-mu said that Wuxi city is expected to become the next production base of LG Chem's automotive battery anode material after Nanjing in East China.

The project is expected to help make Wuxi a major Chinese production base for new energy vehicle power batteries. Wuxi Xinwu district, now home to five leading South Korean enterprises, will become one of the most influential hotbeds of South Korean capital investment in East China.