A cooperation agreement to build a Sino-Italy Industrial Park in the Liangjiang New Area of Chongqing was signed on Aug 3.

The agreement, aiming to boost bilateral investments between Chongqing and Italy, came about as a result of the 2017 Chongqing-Italy International Cooperation Forum on Automobile, Transportation and Logistics.

According to the agreement, both sides will co-invest in a number of industries, including the automotive, biomedicine, aeronautics and astronautics, logistics and scientific research industries.

Tang Zongwei, deputy director of the Liangjiang New Area Administrative Committee, said that Italy is an important partner for Chongqing in economic and trade cooperation. Both Italy and Chongqing will increase exchanges and investment opportunities between each other.

Tang Zongwei, deputy director of the Liangjiang New Area Administrative Committee, delivers a speech during the 2017 Chongqing-Italy International Cooperation Forum on Automobile, Transportation and Logistics on Aug 3. [Photo/liangjiang.gov.cn]

The Liangjiang New Area enjoys a sound cooperation with famous Italian auto companies Fabbrica Italiana Automobili Torino (FIAT) and IVECO, whom have set up production bases in the Liangjiang New Area. Lifan Motors and the Chang'an Group from the Liangjiang New Area have also built branches and R&D centers in Italy.

Ivan Scalfarotto, vice-minister of economic development in Italy, is interviewed during the 2017 Chongqing-Italy International Cooperation Forum on Automobile, Transportation and Logistics on Aug 3. [Photo/chinanews.com]

Ivan Scalfarotto, vice-minister of economic development in Italy, said that Liangjiang New Area and Italy are complementary in the areas of automobiles and aviation, among others. Italy will strengthen bilateral cooperation with Chongqing in the manufacturing and automotive industries for mutual development with the city.

The 2017 Chongqing-Italy International Cooperation Forum on Automobile is held in the Liangjiang New Area on Aug 3. [Photo/liangjiang.gov.cn]

Edited by Zachary Dye