Through the cooperation, Chongqing enterprises have brought goods from countries along the Belt and Road to the citizens.

By Keqiao Cheng, EDITOR

Chongqing - In 2018, 82 enterprises from Chongqing conducted overseas investment cooperation in 37 countries and regions around the world. The outward direct foreign investment reached USD 1.11 billion in total. The value of the newly-signed foreign project contracts was USD 3.24 billion. And they sent 6,387 employees abroad by the end of the year.

Countries along the Belt and Road

Among the investments, Chongqing enterprises added USD 63.76 million to 14 countries along the Belt and Road. 

While the turnover with 19 countries along the routes reached USD 680 million. It accounted for 66% of the total in the same period.

Most of the city’s outbound investment in 2018 went to the Internet and its related service industries as well as others. They included automobile manufacturing, railway, ship, aerospace and other transportation equipment manufacturing industries, real estate, sports, and entertainment industries.

Good example with Vietnam

The Formosa Ha Tinh Steel Company (in Vietnam) contracted by CISDI Group Co., Ltd. was among the outbound investment projects. It set up a model project of metallurgical construction for international production capacity and equipment cooperation of the Belt and Road initiative.

Also, Vietnam Sunfeel, the largest cocoon silk processing enterprise of the country, was from Chongqing. According to Chongqing Municipal Commission of Commerce, Vietnam Sunfeel directly exported their products to India. With demand exceeding supply, it became the largest and most influential silk manufacturing enterprise in Vietnam.

Vietnam Sunfeel Project is under the direct investment of Chongqing Sunfeel Industrial Group. The anticipated output of the white filaments will reach 450 tons in 2019. It will be with an output value of USD 22 million. Moreover, they have directly exported products from Vietnam to India. After more than a year of construction and operations, Sunfeel has gradually manifested its influence.

Source: CQCB