Shanxi eyes further partnerships with Czech Republic

An investment project matchmaking conference between Shanxi province and the Czech Republic was held in Prague on Sept 7.

As an important event on the European leg of the Shanxi Brands Silk Road Tour, the investment conference aimed to promote the province's key projects, technologies and competitive industries.

The conference is designed to further economic ties between the two sides, and contribute to the development of China's Belt and Road Initiative.

Shanxi has long-established ties to the Czech Republic. The province imported two sets of 500,000-kW power generators in the 1990s, revealed Chen Jianjun, a representative of the Chinese Embassy in the Czech Republic.

The Czech Republic has a sound industrial base and well-developed infrastructure, and Shanxi is one of China's most important industrial bases with a thriving energy sector, said Chen Hecai, director of Shanxi Provincial Committee of China Council for the Promotion of International Trade, a Chinese NGO.

Shanxi is currently developing new industries such as renewable energy, creating new opportunities for partnerships between the two sides, argued Petr Nečas, chairman of the New Silk Road Infrastructure Development & Technology Association, a non-governmental and non-profit international organization based in Prague.

The two NGOs signed an agreement at the conference to establish long-term partnerships in trade, investment and cultural communication.

Representatives of local economic and trade organizations, as well as over 20 local companies trading in auto parts, kitchen utensils and pharmaceuticals met with delegates from Shanxi province visiting the Czech Republic for the first time, seeking partnerships with businesses, industrial parks and economic organizations.

Shanxi Development and Reform Commission introduced the province's most competitive industries and invited Czech investors to consider investing into nine of Shanxi's industries, including coal, power, new energy and equipment manufacturing.

And the conference wasn't all about Shanxi, the Czech Association for Foreign Investment also promoted Czech businesses at the event, as well as various local investment opportunities.

Shanxi is an industrial region of North China with a diverse economy. It is currently developing new industries and is increasingly responsible for the development of world-leading technologies and high-tech products.

The province is highly complementary to the Czech Republic in terms of capital, technology, resources and markets, making it an ideal trade and investment partner.

In recent years, the two sides have developed an increasingly close economic and trade relationship as Shanxi continues to further opening-up and reform.