Tianshan Pharmaceuticals Company laid a cornerstone at a ceremony to mark the construction of a new plant in the Urumqi State High-tech Industrial Zone on Aug 6.

The new project will occupy a ground space of four hectares and cost 80 million yuan ($12.49 million) to build. Once complete, the plant is expected to generate an annual turnover of 500 million yuan and contribute 20 million yuan annually in taxes.

Wang Hongzheng, vice director of the zone’s administrative committee, addressed the participants of the ceremony. He said that the zone would improve its investment environment and provide efficient services to ensure the timely completion of the plant. He also pointed out that the new plant would drive the zone’s biomedicine industry and help speed up its industrial structure.

As a State-owned enterprise, Tianshan Pharmaceuticals was established in 1986 in the Xinjiang Uygur autonomous region. It owns a set of licorice industry chains involving with licorice imports, wild licorice conservation, artificial licorice planting and the manufacturing of industrial licorice salt and its secondary products.

A cornerstone-laying ceremony is held to mark the construction of Tianshan Pharmaceuticals Company’s new plant in the Urumqi State High-tech Industrial Zone on Aug 6. [Photo/udz.gov.cn]

By Yang Fan and edited by Jacob Hooson