The Australian Papermaking Company will set up shop in Melbourne’s CBD.
The company, which is owned by China-based Hainan Papermaking Group, has said it plans to open a printing plant in Melbourne.
The move is part of a larger shift by China into the papermaking industry, which has seen a shift from using paper to metal, to using plastic, in recent years.
Chinese-born Mr Hain, the chairman of the company, said in a statement the new plant would help Australia’s economy by allowing it to manufacture more durable, higher-value products.
“We look forward to creating a strong Australian papermaking company, employing local Australian labour and employing Australian customers,” he said.
Mr Hain said he was looking forward to opening the plant in the CBD next year.
“It’s an opportunity for us to continue to make high quality products and bring our manufacturing expertise to our local market,” he told the ABC.
“This will create hundreds of new jobs and help to boost the Australian economy.”
Chinese firms have made a number of investments in Australia in recent months.
Last week, China’s largest state-owned enterprise announced a $500 million investment into the Australian Paper manufacturing company.
The announcement came after a report from a Chinese-funded think tank last month said Chinese companies had invested in Australia’s paper industry at a faster rate than in the US, Canada and Europe.
The report by the think tank, the Shanghai Center for International Policy, said Chinese firms were now investing $1.2 billion in the paper sector, more than double the amount that was invested in the United States, China and Canada in 2016.