Sukanto Tanoto, chairman of RGE (Royal Golden Eagle) Group, said that his company will expand investment and continue building high-grade household paper, cardboard, and other projects in Shandong province.

Tanoto made the remarks during his online speech at the "Connecting Shandong with the Fortune Global 500" ASEAN special event, which was held on Sept 22 in Jinan, capital of Shandong.

RGE is a global, resource-based industrial group with corporate offices in Singapore, Hong Kong, Jakarta, Beijing, and Nanjing. Its diversified business portfolio includes cover paper, palm oil, viscose, construction, energy, property, and asset management. It has more than $20 billion in assets.

Sukanto Tanoto, chairman of RGE Group [Photo provided to chinadaily.com.cn]

In 2005, RGE established the Asia Symbol (Shandong) Pulp and Paper Co in Rizhao city, which has now developed into the largest foreign-funded enterprise in Shandong and the largest commercial wood pulp enterprise in China, serving as a benchmark for the industrial upgrading and technological development of the pulp and paper industry.

Asia Symbol's new Lyocell fibre project, in collaboration with Sateri, a subsidiary of RGE, also recently commenced operations in Rizhao. The project has been listed as a key project of Shandong and will contribute to the province's efforts to replace old growth drivers with new ones and help fuel its high-quality development.

"RGE has invested more than 20 billion yuan ($2.94 billion) in Shandong and has paid nearly 14 billion yuan in taxes and fees, driving the development of more than 400 enterprises in Shandong and creating many local employment opportunities," Tanoto said.

"We are committed to developing the real economy and will continue to build household paper, high-end cardboard, and more projects in Shandong."