Representatives from Optics Valley and Laibao Hi-Tech Co Ltd sign an agreement for a new high-tech production line on Oct 29 in Wuhan. [Photo/WeChat account of Optics Valley of China]

With a total investment of 11.5 billion yuan ($1.72 billion), an advanced thin film transistor liquid crystal display (TFD-LCD) panel and mold production line is to be established at the East Lake High-tech Development Zone.

That's after an agreement for the TFT-LCD production line was signed on Oct 29 between Shenzhen Laibao Hi-Tech Co Ltd and the zone -- which is also known as Optics Valley of China and is located in Wuhan, the capital city of Central China's Hubei province.

Under the terms of the agreement, Laibao will cooperate with Optics Valley to build the advanced production line, whose products will be mainly used in laptops, dashboards for vehicles, medical and industrial control equipment, outdoor public displays and in other fields.

After the production line is completed and put into operation, the joint venture company plans to increase another investment of about 1.5 billion yuan to expand the production capacity.

At present, Optics Valley is making every effort to build an industrial cluster for optics, integrated circuits, displays, terminals and the internet.

Two leading panel manufacturers -- TCL CSOT and Tianma Microelectronics -- have already invested in the construction of five small and medium-sized display panel production lines, covering rigid and flexible displays.

To date, the total investment in the display industry in Optics Valley has exceeded 100 billion yuan.

The latest production line approved for construction will further enrich the types of display products in the zone, while forming a display panel industrial cluster covering the fields of laptops, mobile phones, vehicles, industrial controls, medicine and other areas.