Chongqing – With the Annual theme “ILSTC Development Driven by Digital Technology,” the 2023 CCI-ILSTC International Cooperation Forum saw guests from Singapore, Laos, Malaysia, Vietnam, and other countries discuss how to build the linkage between western China and the world through the New International Land-sea Trade Corridor (ILSTC). 

The Opening Ceremony of the Fifth Western China International Fair for Investment and Trade (WCIFIT) and the 2023 CCI-ILSTC International Cooperation Forum commenced in Southwest China’s Chongqing on May 18. 

The year's WCIFIT set the annual theme for the first time of “Inland China Opening-up & Innovative Development Driven by Digital Technology.” Malaysia is the guest country of honor, and China’s Sichuan and Gansu Provinces are the guest provinces. 

Foster digital connectivity and streamline customs procedures

Vilaykham Phosalath, Vice Minister of the Ministry of Public Works and Transport of Laos, pointed out the China-Laos Railway as playing a significant role in goods transportation between the two countries. It also provides great convenience to ASEAN countries for cross-border transportation, such as Thailand, Malaysia, Myanmar, and Singapore.

“To foster digital connectivity and streamline customs procedures, Singapore’s and China’s customs authorities have linked up the National Single Window systems to enable the electronic exchange of trade documents and data,” said Tan Kiat How, Senior Minister of State, Ministry of National Development & Ministry of Communications and Information, Singapore.

"PSA China and the Chongqing Port and Logistics Office are collaborating on validating data exchanges for shipments between Singapore and Chongqing. Such initiatives will enable businesses to track their shipments in real-time and have greater predictability over supply chains," he added.

At the forum, the China Federation of Logistics & Purchasing released the 2022 Development Index of the ILSTC, highlighting three aspects of the development scale, quality, and competitiveness.

Data shows the 2022 Development Index of the ILSTC was 135.2, growing by 10.3% and 32.5% compared with 2021 and 2020, respectively.

Chongqing signed about 40.69 billion USD at 5th WCIFIT

At the fifth WCIFIT, Chongqing signed 84 projects with a contract investment of 285.415 billion yuan (about 40.69 billion U.S. dollars). The investment projects of central enterprises mainly cover joint construction of advanced manufacturing clusters, digital economy industries in western China, energy development and utilization, etc.

During the four-day conference, more than 900 enterprises and 186 guests from 40 countries and regions, 29 Chinese provinces, and two special administrative regions gathered in Chongqing to participate in a series of events, such as the “Invest in China” Western Region Promotion Event and 2023 Forbes China Urban Consumption Development Forum.

With 13 exhibition halls of 180,000 square meters, the 5th WCIFIT sets up two major thematic exhibition areas of investment and trade and industry promotion, bringing together many latest achievements and innovative technology products.

As the country's foreign exchange, trade cooperation, and investment promotion platform, the WCIFIT is an important carrier for promoting international and domestic cooperation and a crucial window for the Western region to showcase its image and expand its opening and cooperation with the outside world.