Changhong Electronics, one of the biggest TV makers in China, will invest US$30 million to set up a TV production base in the Czech Republic.
The new TV assembly plant is an exclusively Changyong-owned enterprise named Changyong Europe Electric S.R.O. With a registered capital of 9.5 million US dollars, its main business will focus on R&D, manufacturing and marketing consumer electronics.
According to Changhong, the establishment of "Changyong Europe" aims at promoting its global strategy, popularizing the Changhong brand and creating a solid foundation for its products in the European market.
Changhong's annual turnover hit US$2 billion in 2004. Its overseas sales keeps a robust growth and have exceeded 30 percent of their total revenue.
(Xinhua News Agency December 28, 2005)
