Chongqing’s outward investment is expected to reach US$180m in 2009, up more than 20 per cent year-on-year, according to Mr Li Jianchun, Director of the city’s Municipal Commission of Foreign Trade and Investment.

Prominent among the list of companies is Chongqing Iron and Steel, which bought a 60 per cent stake worth US$260m in an iron ore mine in Australia. Other companies that are reaching out overseas include: Chongqing Bosai Mining Group, which acquired 80 per cent in an aluminum ore mine in Ghana from Rio Tinto for a sum of US$30m; Chongqing Dingtai Energy, which bought Singapore Hydropower Investment Corp for US$26m; and Chongqing High Speed Boat Development, which is investing US$40m to set up a production base in Brazil.

Of the 23 major projects identified, most involve privately-owned companies, according to Mr Li.