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The Beijing CBD 2013 International Economic and Trade Fair for the Association of Southeast Asian Nations (ASEAN) kicked off on Sept 10. The participants, embassies for the seven countries in the ASEAN in China and nearly 100 Chinese enterprises, discussed transnational cooperation and investment in the light industry and infrastructure construction at the fair.
An economic and trade agreement was signed between the China Association of Trade in Service and the chamber of commerce at the fair. Based on the agreement, business information sharing and forwarding, project analysis and selection, and project startup will be coordinated between the two entities, according to the association.
The ASEAN is China’s fourth biggest outbound direct investment destination with a total of $30 billion.
“A limited knowledge of local policies is the biggest problem for overseas project development. The follow-up in a project is critically important,” said a director from a privately-owned enterprise engaging in a foreign investment project. However, according to him, the problem could be worked out by face-to-face communication with local governments.
“Chaoyang district is home to 99 percent of the foreign embassies in China and around 200,000 enterprises, 114 of which are among the Fortune Global 500,” according to the Chaoyang district commerce commission. “The fair can spur Chaoyang’s geographic advantage as a hub of foreign embassies. It will enhance the CBD’s business functions and propel bilateral and multilateral cooperation between Chaoyang and the world.”
Chaoyang has reached a strategic cooperation agreement on jointly promoting ASEAN-China economic and trade cooperation with the ASEAN-China Center. Its good enterprises and favorable investment will be recommended to ASEAN nations by the center in multiple ways, including the ASEAN members’ embassies in China, Chinese embassies in ASEAN nations, and Chinese and ASEAN media.
In addition, the center will collect cooperation information in investment, education, culture and other cooperation opportunities for Chaoyang on a regular basis. The policies of the China and ASEAN Free Trade Area are being promoted in order to maintain efficient economic and trade communication between the ASEAN and China.
Meanwhile, cooperation between Chaoyang district and other provinces and cities will be further strengthened for mutual benefit and common development. Chaoyang’s advantages in market, technology and capital, together with local advantages in cost, resources and policy, will promote enterprise headquarters to build branches and production bases in other provinces and cities.
In consideration of common needs, the district will focus on industries including electronic information, bio-medicine and advanced equipment manufacturing.
