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Paper production company Asia Symbol (Guangdong) Paper Co Ltd announced on Monday a 20 billion yuan ($2.85 billion) deal in Jiangmen, South China’s Guangdong province.

The investment, made by the company, a subsidiary under Singapore-based industrial company Royal Golden Eagle, will be used in projects, including production of 900,000 tons of paper used for cultural communications.

Jiangmen municipal government has agreed to roll out supportive measures, aiming to complete the project in five years, according to a statement from Royal Golden Eagle.

Liu Yi, mayor of Jiangmen, said landing the project helps Jiangmen to form a paper production-related industry chain cluster and will promote industrial transformation and upgrade.