The Fourth WCIFIT Launched to Seek Deeper Cooperation Through CCI-ILSTC

CHONGQING, China, July 22, 2022 /PRNewswire/ -- A news report from iChongqing:

The Fourth Western China International Fair for Investment and Trade (WCIFIT) Opening Ceremony and the 2022 CCI-ILSTC International Cooperation Forum kicked off on July 22 in Southwest China's Chongqing Municipality. 

Elites and experts from all industries discussed how to improve the supporting role of the regional industrial chain and supply chain and provided new ideas to deepen international cooperation through the New International Land-sea Trade Corridor (ILSTC) at the forum.

"Interconnectivity is the core of supply chain resilience, in which visualization is one of the key aspects," said Josephine Teo, Minister for Communications and Information and Second Minister for Home Affairs of Singapore.

"PSA and Chongqing Port and Logistics Office have started to work together to verify the feasibility of the China-Singapore (Chongqing) International Dedicated Connectivity," she said. "Once successful, shippers and cargo owners can check the status of their goods more efficiently and achieve more flexible supply chain management." 

The CCI- ILSTC is not only a corridor for commercial trade but also carries the vision of shared development, said Kho Choon Keng, President of Singapore Chinese Chamber of Commerce & Industry. 

"Sino-Singapore cooperation has experienced different stages of development such as industrialization, urbanization, and green sustainability," he said. "Now it is catching up with the wave of development in the digital economy and information technology."

The 2021 Development Index and the International Trade Single Window of ILSTC in Western China were released after the forum.

Data shows that the ILSTC development index in 2021 was 112.9, where the three first-level indicators of scale, quality, and competitiveness achieved growth. The ILSTC's overall operation has reached a new level, highlighting its positive driving effect on the development of the regions along the route.

At the fourth WCIFIT, Chongqing and Sichuan has signed 71major projects with a contracted investment of 227.03 billion yuan (about 33.53 billion U.S. dollars), centering as new energy vehicles, electronic information, biomedicine, and modern finance. A total of 1,212 companies from 26 countries and regions participated in the exhibition.

Fortune 500 enterprises bring brand-new products and technologies to the event. eBay, Amazon, Microsoft, Google, Ailesco, and other cross-border e-commerce players also debut their latest results and products at the fair.