A signing ceremony of the Saint-Gobain Pam (China) project takes place in Qiantang district, Hangzhou on April 16. [Photo/zjol.com.cn]

The newly established Qiantang district in Hangzhou witnessed the signing of its first project invested in by a world's top 500 company on April 16.

The Saint-Gobain Pam (China) project will be operated by Hangzhou Shenyu New Material Technology Co with a mixed ownership mode.

The project will focus on the sales and technical support of nodular cast iron pipes developed by Saint-Gobain Pam.

Pipes used in water supply networks are hard to maintain and need to be in service for at least 30 years, but Saint-Gobain Pam's products can meet the demand.

"The signing of the project came from the solid efforts of multiple sides including foreign investors, State-owned groups, and private local companies. The cooperation mode is worth promoting," said Xu Fanggen, assistant to the general manager of Zhejiang State-owned Capital Operation Co.

Saint-Gobain Pam was founded in 1856 in France. It manufactures and distributes materials and solutions that can be found everywhere in people's daily lives and industrial applications.