A total of 40 tourism investment projects valued at 80 billion yuan ($12 billion) have been agreed during the signing ceremony of the 2016 Fragrant Hill Tourism Summit, Sept 20, as reported by Chongqing Daily.

The ceremony was co-hosted by the Chongqing government and the World Tourism Cities Federation (WTCF), with the event being held at Chongqing Yuelai International Convention Center.

In the run up to the ceremony, 44 tourism companies presented their projects at a negotiation meeting with 23 investment institutions, including CITIC Private Equity Funds Management Co.

Promising projects, such as a Thai themed park, Wuling Mountain development project and a skiing resort, attracted lots of investors, among which a project proposed by Luneng Group and Hechuan District of Chongqing won an investment of 10 billion yuan ($1.5 billion).

The summit is a renowned annual tourism event that attracts industry leaders worldwide. It is hoped that the event can help develop Chongqing into a world famous tourism destination.

The Fragrant Hill Tourism Summit, regarded as WTCF’s main event, has been held on four previous occasions. The first three events were held in Beijing and last year’s event was held in Rabat, Morocco.

Edited by James Skinner