Chongqing - On September 24, nearly 200 overseas Chinese businessmen and foreign enterprise representatives engaged in lively discussions in Chongqing for a matchmaking meeting, part of the Belt and Road Overseas Chinese Business Cooperation and Development Conference.

The matchmaking meeting between Chongqing enterprises and overseas Chinese businesses was held on September 24. (Photo/Li Liang)

With Chongqing as the eastern end, the Trans-Asia Futuristic Economic Corridor (TAFEC) extends to the Yangtze River Economic Belt and connects to ASEAN via the New International Land-Sea Trade Corridor (ILSTC), reaching Singapore through Laos, Thailand, and Malaysia, said Liu Yang Sloan, secretary general of Global Initiatives Implementation Alliance (GLIA), Prime Minister's Office of Sri Lanka, and secretary general of development committee of TAFEC.

He added that it also links to Central Asia through the China Railway Express (Yuxinou), forming a closed-loop network with Sri Lanka at the southern end, the Gulf Cooperation Council (GCC) at the western end, and Uzbekistan at the northern end. 

"This structure offers significant opportunities for Chongqing in regional cooperation and economic development," said Liu.

Liu announced ongoing communications with GCC countries to secure 10 billion yuan (USD 1.4 billion) in oil and gas trade funding within the next year to serve as start-up capital for the TAFEC. He explained, "The nature of this fund is unique and can incentivize more oil and gas trade settled in RMB, promoting related investment." 

Uniting global overseas Chinese via Chongqing's strengths

At the conference, Liu also proposed establishing a World Overseas Chinese Digital Investment Center in Chongqing, aiming to leverage Chongqing's strengths and unite the global overseas Chinese community.

Peng Heliang, deputy director of the Chongqing Municipal Commission of Commerce, noted that over 4,000 foreign trade enterprises in Chongqing are mainly private companies. These businesses invest in 65 countries and regions, with the largest investments in Hong Kong, the United States, and Vietnam.

Since the Belt and Road Initiative (Bwas RI) was launched a decade ago, the number of Chongqing enterprises involved in BRI-related projects has doubled, encompassing sectors like manufacturing, electric power, and transportation. Peng added that notable projects include the SERES Indonesia automobile plant and the Panhua Philippines steel plant.

Li Xinghua, chairman of Panhua Group Co., Ltd, detailed the company's international investments, notably a planned USD 3.5 billion integrated steel plant in the Philippines, which aims for an annual capacity of 10 million tons by 2025. He mentioned establishing a China (Chongqing) industrial park in the Philippines to support overseas investments.

Li Yao, vice chairman and executive vice president of the Zonsen Industrial Group group board of directors, addressed the necessity of localizing production to navigate high tariff barriers. He shared that Zonsen has constructed factories in Vietnam, Thailand, and Mexico and is considering expanding in Mexico, depending on the U.S. presidential election results.

The Zonsen 250X dirt bike. (Photo/Zonsen Industrial Group)

Moreover, to create a new ecosystem for the enterprise industry chain, Zonsen encouraged key suppliers to establish factories overseas, leading to 15 suppliers setting up in Vietnam.

In the field of culture and education, Wang Qiang, secretary-general of the China Literature and Art Foundation, expressed gratitude for the opportunity to discuss the foundation's role in supporting international cultural exchanges and welcomed cooperation with global overseas Chinese businessmen to promote the BRI.

During the meeting, Zhang Xingming, president of the Chongqing Chamber of Commerce for International Cooperation in Private Economy and chairman of Chongqing Sokon Holding Co., Ltd., awarded licenses to representative offices in Poland, New Zealand, Sri Lanka, and Costa Rica.

Zhang Xingming awarded licenses to the representative offices of the Chongqing Chamber of Commerce for International Cooperation in Private Economy in Poland, New Zealand, Sri Lanka, and Costa Rica. (Photo/Li Liang)

The Chongqing Private Economy International Cooperation Chamber of Commerce also presented diplomatic gifts, including the book Hi, I'm Chongqing, jointly produced by the Western China International Communication Organization (WCICO) and the Institute for Planets. The book explores the city's identity through its mountains, rivers, vibrant populace, and urban life.

The front cover image of the book, Hi, I'm Chongqing. (Photo/CITIC Publishing Group)