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Mitsubishi Pens Far-Reaching Strategic Cooperation Agreement with Chonging

By JAMES ALEXANDERICHONGQING|Sep 11,2021

Chongqing– The Chongqing Municipal Commission of Commerce and Mitsubishi Corporation (Shanghai) Co., Ltd. signed a strategic cooperation agreement Wednesday. The two parties agreed to cooperate in modern retail, finance, carbon neutrality, international trade, logistics, and the medical and health industry.

The goals embodied within the agreement are to further the construction of Chongqing as an open inland highland, an international consumption center, and a western financial center amidst an environment of outstanding natural scenery.

Chongqing is the only municipality in western China and is an economic center based in the upper reaches of the Yangtze River. A strategic cooperation agreement between the Chongqing Municipal Commission of Commerce and Mitsubishi Corporation marks the further deepening of cooperation between the two parties. It will create greater potential for development and opening up.

According to the agreement, cooperation in the new energy is to be strengthened, as Chongqing welcomes expanded investment from Mitsubishi Corporation in the Chengdu-Chongqing Economic Circle, which will involve creating a new energy corridor in the region.

Business cooperation is also to be strengthened. The Lawson Convenience Store, owned by Mitsubishi Corporation, has opened 420 outlets in Chongqing, and plans for further expansion have been welcomed.

Chongqing will be designated as a center for goods transit and financial settlements in cold chain transportation, food, bulk commodities, and other fields through commercial trade outlets.

In health and medicine, Mitsubishi Corporation and Sinopharm Group have established Sinopharm MC Hospital Services Co. Ltd., a joint venture company set up in Shanghai to distribute medical supplies in the Chinese market.

The investment layout of Sinopharm Group, coupled with the advantages of Mitsubishi Corporation, will allow the two parties to enhance cooperation in the fields of hospital services, medical equipment, drug research and development, online hospitals, and general healthcare.

Mitsubishi Corporation employs over 80,000 workers through more than 200 branches based in around 80 countries worldwide and is Japan’s largest comprehensive trading company. Their business scope covers energy, metals, machinery, and chemicals, food, and materials.

In 2020, the operating income of Mitsubishi Corporation was 135.9 billion U.S. dollars, ranking 42nd in the Fortune Global 500.

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