The elevator project of Japan Nidec, a Fortune 500 company, began in the Jiaozhou Economic Development Zone, on April 22, the Qingdao Daily said.

The first phase of the project has an investment of $50 million. This base will focus on development and production of elevators, motors, electronic and optical components, as well as consultant services.

"The project will bring 450 million yuan ($72.54 million) of annual sale revenues," a director of the project said. "It will drive related industries, and expand the entire chain of equipment manufacturing in Jiaozhou," he added.

Nidec Corporation is a Japanese manufacturer of electric motors, whose products are found in hard-disk drives, electric appliances, automobiles and manufacturing equipment. The company has the largest global market share for the tiny spindle motors that power hard-disk drives.

As of 2015, the company has 230 subsidiaries companies located across Japan, Asia, Europe and the Americas. Nidec is listed on the first section of the Tokyo Stock Exchange and is a constituent of the TOPIX 100 stock market index.

The company was ranked 42 on the 2005 edition of the Businessweek Infotech 100 list. Nidec was also featured on the 2014 Forbes World's Most Innovative Companies list.