Chongqing – The Third Session of the Inter-Provincial Joint Conference on Consultation and Cooperation of New International Land-sea Trade Corridor (ILSTC) kicked off in Southwest China's Chongqing on November 1. 

Officials from four national departments, five major central companies, and regions along the ILSTC, including 12 western provinces, autonomous regions and municipalities, and Hainan Province, as well as Zhanjiang City in Guangdong Province and Huaihua City in Hunan Province, gathered to support its development.

The 2023 Forum on Economic Development Along New International Land-sea Trade Corridor and International Logistics Fair opened in Chongqing on November 1. (Photo/Wu Wangyang, Chongqing Release)

New Land-sea Corridor Operation Co., Ltd injects new capital

During the opening ceremony, a signing took place to boost funds and expand shares for the New Land-sea Corridor Operation Co., Ltd. This company, established in 2017, was a collaborative effort of the regions along the ILSTC to create a unified operational platform.

Currently, the firm has eight main stakeholders from six areas, including Chongqing. With this new capital injection, the number of stakeholders is set to rise from 8 to 13, further enhancing the company's operations and integrating more regions into the ILSTC.

At the same time, the 2023 Forum on Economic Development Along New International Land-sea Trade Corridor took place. Chongqing has been designated the permanent venue for the forum, which will run alongside the inter-provincial joint conference in upcoming sessions.

Top professionals from regions along the ILSTC, as well as national and international experts from politics, industry, academia, and research, convened, enhancing Chongqing's leading role as the ILSTC's logistics and operation organization center.

The forum aims to establish a recognized brand for the international corridors, boost the growth of related sectors, and position Chongqing as a central hub in the global economic development channel.

The signing ceremony for capital increase and share expansion of New Land-sea Corridor Operation Co., Ltd. was held. (Photo/Chongqing Daily)

Chongqing welcomes ILSTC countries to establish trade hubs

The forum emphasized the importance of developing a modern infrastructure network. This includes bolstering the potential of strategic routes, such as the China-Myanmar and China-Laos railways, to enhance cross-border transportation.

As Chongqing is creating an international hub in the western region, it welcomes ILSTC countries to build trade and distribution centers, import and export processing bases, and industry bases for new energy vehicles, intelligent connected vehicles, and advanced materials.

Furthermore, the ILSTC is championing international collaborations. It seeks to synchronize its efforts with global economic corridors, such as the China-Indochina Peninsula Economic Corridor and the New Eurasia Continent Bridge.

There is also a push to set up RCEP Investment and Trade Service Centers and ILSTC coordination mechanisms with RCEP member states. These initiatives aim to expand the corridor's impact and cooperation scope.