The 5th World Zhejiang Entrepreneurs Convention opens in Hangzhou, capital of East China's Zhejiang province, on Nov 13. [Photo/taizhou.com.cn]

A 500-million-yuan mold production base will be built in Huangyan district of Taizhou, local media reported.

The base comes as part of an investment agreement the Huangyan district government signed with Xijie Mold Plastic & Machine (Ningbo) Co on Nov 13.

The deal was reached on the sidelines of the ongoing 5th World Zhejiang Entrepreneurs Convention in Hangzhou.

Founded in 2007, Xiejie Mold Plastic & Machine (Ningbo) Co is a foreign-funded enterprise specializing in the research, development and manufacturing of PET bottle embryo (cap) mold.

It is the largest exporter of PET bottle embryo (cap) mold in China and exports to more than 110 countries and regions around the world.

Its business partners include several world-renowned brands such as Coca Cola, Pepsi Cola and P&G.

The company's founder—Ying Jinhua—is a Huangyan native.

The mold production base, spanning a total area of 82 mu (5.46 hectares), will include workshops, warehouses, R&D centers and office buildings. After put into use, it is expected to have an annual capacity of 1,000 molds.

Taizhou is a national manufacturing hub for molds and plastics and has more than 12,000 companies in the industry generating annual revenue of 39 billion yuan ($5.82 billion). The output of injection molds in the city accounts for over one third of the total in China.