(Yicai Global) Oct. 15 -- Chinese metal manufacturer Mingtai Aluminum will set up a USD35.2 million local unit in Gwangyang, South Korea to improve services on offer for overseas customers and reduce lead times.

Mingtai will use the new subsidiary to carry out research and development, design, production and sales of aluminum sheets, strips and foil products, as well as recycling, the Henan-based firm said in a statement.

This investment makes full use of preferential policies such as tariff exemption in the local free economic zone, while improving product competitiveness and promoting Mingtai's global brand strategy.

Mingtai exports products to more than 100 countries and regions globally and has established partnerships withSamsung Electronics, US General Electric and other large multinational corporations.