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The Asian Investment Strategy program initiated by the European Union will focus on China's western regions, said an EU official on Tuesday.

 

"The Asian Investment Strategy aims to provide investment to the regions where economy development level is below the average of the country," said Vincent Piket, an EU official in charge of the Asian aid programs.

 

"As for China, our focus is the west," said Piket at a press briefing following the two-day Asian Investment Forum held in Chengdu, capital of southwest China's Sichuan Province.

 

The EU will increase its investment in west China, including Sichuan, Guizhou, Yunnan, Shaanxi, Gansu, Qinghai provinces, Xinjiang Uygur Autonomous Region and Tibet Autonomous Region, according to the third-phase plan of the Asian Investment Strategy (2006-2007).

 

The EU will provide between 75 percent and 95 percent of the capital depending on the development needs, said Piket.

 

The Asian Investment Forum, which aims to facilitate international trade and investment between European and small and medium-sized Asian enterprises, was initiated in 1998 by the Europe Commission.

 

It has so far launched over 300 investment projects, involving more than 1,000 organizations.

 

The forum has been held five times and this year's was the second time China played host. Beijing was host city in 2002.

 

(Xinhua News Agency November 8, 2006)