CIIE helps Sichuan attract exhibitors, investment

Import fair aims to facilitate business, localization in the province and the Chinese market

The first of a series of investment promotional events for the fourth China International Import Expo was held in Chengdu of Sichuan province on July 7-9 to facilitate exhibitors' investment and localization in Sichuan.

Titled "To Boost Dual Circulation by Introducing More Foreign Investment", the Chengdu event was the first investment promotional activity hosted by the Ministry of Commerce to assist local governments in attracting investment through the CIIE.

The dual-circulation development paradigm focuses primarily on the domestic market while domestic and foreign markets complement each other. It is the centerpiece of China's 14th Five-Year Plan (2021-25).

Hosted by the Ministry of Commerce and the Sichuan provincial government, the Chengdu event consisted of matchmaking sessions, exhibitions and site visits.

Attendees included representatives of more than 10 overseas investment promotional organizations and over 120 foreign-funded enterprises from industries such as equipment, healthcare, consumer goods, food and motor vehicles.

"Sichuan is a major provincial economy in western China and has become the frontier of opening-up in the country's inland regions in recent years," said a senior official at the Investment Promotion and Matchmaking Meeting of China International Import Expo in Sichuan, held on Thursday.

"This event reflects our commitment to serving as a 'matchmaker' and 'service provider' to help different regions find good companies and companies find good projects," he said.

"The CIIE, as the world's first import-themed national-level expo, has contributed greatly to economic globalization, trade liberalization and the building of a community with a shared future for mankind," said Peng Qinghua, Party secretary of Sichuan province.

"The development of Sichuan benefits from and depends on opening-up. We extend our warmest welcome to those who come to Sichuan to seize opportunities such as scientific and technological innovations, industrial transformation and consumption upgrading," he said.

Gabit Koishibayev, Kazakh ambassador to China, said Kazakhstan and China are good neighbors and permanent comprehensive strategic partners.

He said Kazakhstan greatly values communication and cooperation with Sichuan, with direct train route and flight connecting Chengdu and Almaty being launched in recent years.

Kazakhstan will continue to actively participate in the CIIE and make use of its platform to help more exporters explore the China market, he added.

Liu Lian'ge, chairman of Bank of China, the supporter of the Chengdu event, said: "At the end of last year, BOC and the Sichuan government signed an agreement on a comprehensive strategic partnership.

"This Chengdu event, which utilizes the CIIE as a platform, is a practical measure to materialize the agreement and contribute to Sichuan's transformation into a magnet for investment."

The CIIE Bureau, one of the organizers of the Chengdu event, said Sichuan is an important province in western China and an importer with great potential.

"The event is a concrete effort to convert exhibits into commodities and exhibitors into investors," said an officials at the bureau.

Sichuan is an old friend of the expo, the CIIE Bureau said.

The first CIIE welcomed a delegation of more than 7,000 members from 21 cities and prefectures in Sichuan province.

At the second CIIE, the Chengdu Hi-Tech Industrial Development Zone signed a memorandum of strategic cooperation on a West China headquarters with AstraZeneca, a Fortune Global 500 pharmaceutical company participating in the expo, according to the CIIE Bureau.

The two sides signed an investment cooperation agreement for the company's West China headquarters at the third CIIE, which became a case of exhibitors turning into investors.

The previous editions of the CIIE brought together representative products and services from all over the world.

The expo provides an important platform for Sichuan to use high-quality resources to conduct trade and investment cooperation, improve standards of living for its residents and satisfy people's desire for a better life, the CIIE Bureau said.

After more than three years of development, the CIIE has grown into a global public good shared by the world, according to the CIIE Bureau.

"Many foreign companies hope their products and services can better meet the needs of Chinese consumers, and their need to launch localized operations in China by attending the CIIE continues to grow. We are working to build the expo into a gateway to showcasing the dual-circulation development paradigm driven by a strong domestic market," the bureau added.

A total of 319 projects, backed by foreign investment worth $15 billion, were initiated at the first two expos. Many of them have been implemented and are now in operation.

Preparations for the fourth CIIE are underway. The booked area of the business exhibition space reached 360,000 square meters by June 30 as planned, according to the CIIE Bureau.

To increase the professionalism of the expo, its organizer has upgraded the sections dedicated to energy, low-carbon and environmental protection technologies.

It will also set up spaces for innovation incubation, biomedicine and digital industries at the fourth CIIE.