(Yicai Global) Sept. 14 -- Apple Inc. [NASDAQ:AAPL] supplier Foxconn Technology Group [TSE:2317] will splash out CNY37.5 billion (USD5.74 billion) on new business initiatives in Nanjing, the capital of eastern China's Jiangsu province.

The city's government has formed a long-term strategic partnership with the group and the cooperation agreement has been executed, state-owned newspaper Nanjing Daily reported.

Foxconn, the world's largest contract electronics manufacturer, will build several facilities in the city, including a smartphone production center, back-end module manufacturing headquarters, a smart liquid-crystal display television set center for production, research and development, a center to make, research and develop semiconductor devices and a logistics supply chain base.

The group was one of many companies involved in the CNY450 billion (USD68.9 billion) worth of investment deals the government closed at the recent Nanjing Trade Fair.