Hohhot reviews CMREC construction efforts

Hohhot economic and technical committee reviewed the city’s efforts in the construction of the China-Mongolia-Russia Economic Corridor (CMREC) June 13.

Hohhot government has delivered a series of policies intended to create a favorable environment for the development of foreign-invested companies involved in the CMREC. It is believed the policies will further facilitate trade and streamline commercial certification procedures in the capital of the Inner Mongolia autonomous region.

The policies have already born positive results, with 14 foreign-invested enterprises having  established themselves in Hohhot, investing $368 million in actual foreign capital last year. There are now 47 local companies investing $240 million in geological exploration, mining, food processing and real estate in both Mongolia and Russia.

Hohhot government will now work to strengthen cooperation with Mongolian and Russian governments, provide more efficient port services, and expand its support of foreign trade and innovation.

The idea of a CMREC was proposed in 2014 to help implement the Belt and Road Initiative (BRI).