The 22nd Lanzhou Investment and Trade Fair was held in Lanzhou city, capital of Gansu province from July 8-11, highlighting the Belt and Road Initiative as well as international communication and cooperation, Xinhua reported.

Lanzhou fair inks $113.78b in investment contracts

The total of 1,435 contracts were inked at the 22nd Lanzhou Investment and Trade Fair held in Lanzhou, Gansu province from July 8-11, achieving a record investment of 760.8 billion yuan ($113.78 billion), according to official figures.

The Gansu Provincial Commercial Bureau said that this year's investment generated from the fair marked an increase of 9.1 percent year-on-year, and for the first time with more than 50 percent of the funds being invested in the service sector. [Read more]

An exhibitor introduces products to customers on July 8. [Photo/Xinhua]

Participants

The Lanzhou fair attracted 32 countries from the Belt and Road region, including Russia, Iran and The Republic of Belarus, five countries in Central Asia and 10 from the Association of South Asian Nations (ASEAN). Four international organizations including the UN Industrial Development Organization, Shanghai Cooperation Organization and African Union also took part.

Thailand was invited to be this year’s guest of honor.

The Central Asian countries' exhibition booths at the Gansu International Convention and Exhibition Center, venue of the Lanzhou fair on July 8. [Photo/Xinhua]

Significance

Lanzhou Investment and Trade Fair, as a window to open West Asia and Europe was founded in 1993. Some 1,292 contracts worth 697.32 billion yuan ($104.27 billion) were inked at the 21st Lanzhou fair in 2015.

According to the organizer, the Lanzhou fair focuses on taking the geographic advantages of Gansu province, as it sits along the Silk Road, and promoting the emerging industrial development and cooperation among different countries.

Foreign businessmen chat with consumers. [Photo/Xinhua]

Quotes from guests

Gao Yan, vice-director of the Ministry of Commerce addressed the opening ceremony saying that the Lanzhou fair has been held successfully 21 times and has become an international investment and trade platform in Northwest China.

Rashid Alimov, general secretary of the Shanghai Cooperation Organization (SCO), delivered a key-note speech and said that the Lanzhou fair has played an increasing important role in promoting regional economic cooperation among SCO members, and that the trade volume between Gansu and SCO members has seen stable growth. He added that SCO is seeking more cooperation potential at this year’s fair.

Visitors select products at the Lanzhou trade fair on July 8. [Photo/Xinhua]

Wu Ticai, vice-minister of Thailand's Ministry of Commerce, said that Thailand-Gansu cooperation has reaped significant achievements, with the two sides' total exports and imports exceeded $225 million in 2015, an increase of 58.32 percent on the previous year. He said Thailand businesspeople have invested in more than 40 projects in Gansu, such as the Thailand Charoen Pokphand Group, which has invested Lanzhou Charoen Pokphand Co.

Edited by Owen Fishwick