This photo taken on May 18, 2023 shows the exterior view of the venue for the fifth Western China International Fair for Investment and Trade in southwest China's Chongqing Municipality. A total of 88 major projects, with a contracted investment amounting to 290.7 billion yuan (about 41.55 billion U.S. dollars), were signed at the fifth Western China International Fair for Investment and Trade, which kicked off Thursday in Chongqing. (Xinhua/Chu Jiayin)

CHONGQING, May 18 (Xinhua) -- A total of 88 major projects, with a contracted investment amounting to 290.7 billion yuan (about 41.55 billion U.S. dollars), were signed at the fifth Western China International Fair for Investment and Trade, which kicked off Thursday in southwest China's Chongqing Municipality.

This year's contract amount sets a new record high.

Out of these projects, 84 will be located in Chongqing, with a contracted investment of 285.42 billion yuan, and among them, 56 exceeded 1 billion yuan each, accounting for 66.7 percent of the total contracted projects in Chongqing.

The projects cover a wide range of fields such as intelligent connected new energy vehicles, advanced materials, smart equipment, energy, and the processing of food and agricultural products.

Themed "Joining Hands with the West for a Brighter Future," the four-day fair has attracted more than 900 enterprises from 38 countries and regions, and 26 provincial-level regions across China.

Malaysia is the guest country of honor this year and the provinces of Sichuan and Gansu are the guest of honor provinces. Exhibitions and forums covering diverse topics and promotional activities will be held during the event.

Statistics released by the municipal commerce commission showed that a total of 945 projects were signed during the previous four fairs, with a total investment of 1.66 trillion yuan.

3WINS ASSOC., a German association dedicated to promoting city cooperation and development, and a Chinese green industry foundation jointly signed a 100-million-yuan project on Thursday. It will be located in Chongqing's Liangjiang New Area.

Chongqing's rapid development of high-tech industry, automobile manufacturing, and vocational education attract the organization, said Hans J. Fornoff, vice president of the association.

The project will build a China-Germany innovation center, focusing on various sectors including the digital economy, new energy smart cars, green innovation, and intelligent manufacturing. It is expected to serve as a platform to foster digital economic innovation and supply chain business cooperation between China and Germany.

He said he was impressed by the fascinating cities in China's western region such as Chongqing and Guiyang, and the enthusiasm of the local governments and friendly residents, which are very attractive for foreign companies to invest here.

"Chongqing is striving to become a financial center in China's western region, and our company is highly optimistic about the megacity. Our confidence in expanding our presence in Chongqing, and even the broader southwestern Chinese region, has strengthened," said Victor Rubtsov, the China sales director of the London Stock Exchange Group, who attended an investment promotion event at the fair.

Guo Tingting, vice minister of commerce, highlighted the vast market, abundant talents, rich resources, and tremendous development potential in China's western region. She expressed her hope that the event can help more transnational companies gain a deeper understanding of the western region, as well as support the western region in improving its services and business environment.

An official from the China Construction Fifth Engineering Division Corp. Ltd., which signed a 1-billion-yuan contract to build an investment and operation base, emphasized Chongqing's significant advantages in attracting investments. "As the only municipality in the central and western region of China, Chongqing plays a crucial role in the large-scale development in the western region. Meanwhile, it sits at the intersection of the Belt and Road and the Yangtze Economic Belt, which enhances its appeal."