Wuxi boosts cooperation among sister cities in RCEP members

2022-03-28 17:30:00

As part of Wuxi International Month and International Cherry Blossom Festival, the city opened the RCEP Sister Cities Cooperation Forum and Collaborative Innovation and Entrepreneurship Conference on March 24.

Participants to the online gatherings included mayors of Wuxi’s international sister cities in Japan, South Korea, Singapore, Malaysia, the Philippines, Cambodia, Australia and New Zealand, representatives from consulate generals in Shanghai, and those from business associations and leading enterprises. They agreed to deepen cooperation at the government and business levels under the framework of the RCEP, the world's largest trade deal. The event also marked the formation of a cooperation mechanism among sister cities in RCEP members.

In recent years, Wuxi has enjoyed close economic and trade relations with RCEP member countries, achieving a total import and export value of $45.26 billion in 2021, up 15% year on year. The city is also a hot destination for foreign direct investment from Japan, South Korea and Singapore, which had invested $17.07 billion in 1,269 projects, $15.13 billion in 700 projects and $16.37 billion in 693 projects by the end of 2021 respectively.

With the RCEP coming into effect on January 1 this year, Wuxi’s enterprises have also accelerated investment in RCEP member countries. Data showed such investment in 380 projects totaled $3.2 billion, including the Sihanoukville Special Economic Zone (SSEZ) in Preah Sihanouk Province, Cambodia.