LANZHOU – Companies from the Republic of Korea (ROK) are looking forward to more economic and trade exchanges with China, ROK representatives said at an investment and trade fair in northwest China's Gansu province.

We hope to cooperate with Gansu in developing new energy such as wind and solar power. 

Kim Chang-kyu, Assistant Minister of Trade, Industry and Energy, the ROK

The 24th China Lanzhou Investment and Trade Fair opened Thursday in Lanzhou, capital of Gansu. Total 150 representatives from the ROK are attending the fair. 

"We hope to cooperate with Gansu in developing new energy such as wind and solar power," said Kim Chang-kyu, assistant Minister of Trade, Industry and Energy of the ROK. 

The Belt and Road Initiative has created big opportunities for ROK companies to cooperate with Gansu and other provinces in northwestern China, said Noh Young-min, ROK ambassador to China. 

READ MORE: China urges ROK to cherish bilateral ties

In recent years, trade and investment cooperation and people-to-people exchanges between the ROK and China have been deepening. So far, the ROK has invested and established 40 companies in Gansu, with a total investment of more than US$400 million. 

"The abundant mineral resources in Gansu have brought opportunities for companies from our country," said Na Sang-cheol, CFO with Wuwei, GEPIC Energy Development Co, Ltd. 

The natural scenery in Gansu also offers room for co-producing films and developing cultural industries, said Kim Byoung-yoo, chief representative of the Beijing office of Korea International Trade Association.

ALSO READ: Wang urges efforts to bring Sino-Japan ties back on right track

"The ROK and Gansu can work together to build a co-production center and film base in Gansu in the future," he said. 

The fair will run from July 5 to 9 with guests from more than 40 countries and regions. First held in 1993, it is an important platform for opening up in northwest China and has grown in importance as China accelerates opening-up to central and western Asia under the Belt and Road Initiative.