The Shanghai Cooperation Organization (SCO) countries have opened about 40 firms in Chongqing. Chongqing has set up over 30 firms in the SCO countries with $675,000,000 of total investments, said Vladimir Norov, the Secretary-General of the SCO on the Development Forum of the Trade and Economic Multifunctional Platform for SCO Countries (Temp) in Chongqing Liangjiang New Area (The forum) held in Chongqing International Expo Center on August 23.

At the signing ceremony, guests were invited, and the officials of Liangjiang New Area are taking photos together. (Photo by Kenny Dong)

Multiple economic and trading cooperation deals are signed between states, local governments, enterprises of the SCO on the forum. The signing ceremony is held both online and on-site, including economic and trading projects from 16 SCO countries. It brings about 10 billion yuan of trade volume to Chongqing Liangjiang New Area.

As a part of the China-SCO Forum on the Digital Economy Industry, the Platform allows all participants of the SCO to discuss the future of regional development, particularly in the aspect of digitalization. Digitalization has experienced rapid and unexpected development since last year, but the emerging opportunities are yet to be comprehensively recognized. “During the Pandemic, business, state affairs, and education quickly switched to online, proving the efficiency of the information technology. On the Moscow Summit of the SCO, national leaders unanimously stressed that developing digital economy is one of the main directions of the SCO,” Norov said, calling upon all parties to value the trend of digitalization and seize the potential business opportunities.

"I thank you for the invitation of the Administrative Committee of Chongqing Liangjiang New Area." Vladimir Norov is making his speech online on the forum. (Photo provided by Liangjiang New Area)

He also mentioned the economic importance of the Chengdu-Chongqing City Cluster as a gate to Eurasia and a regional economic center along the Belt and Road. “Chongqing is a unique hub connecting Pacific-Asia region, Chinese inland provinces, and Eurasian entrepreneurs,” he said.

Wu Xiaoru, President of iFlytek Co.，Ltd presents their updated AI technologies developed by iFlytek R&D staff, like the voice synthesis that creating a virtual news anchor with a real face and the exact lip movements. Li Peigen, the Academician of the Chinese Academy of Engineering, shares his experiences on the digital industry chain to solve the problems like the information opacity and the high trust cost that might influence the efficiency institutionally in the past.