The ongoing 20th Western China International Fair, which kicked off on Sunday in Chengdu, capital of Sichuan province, has seen the signing of 416 investment projects totaling 354.3 billion yuan ($49.4 billion), the organizing committee said.

The fair, which runs through Thursday, attracted over 3,000 companies from 62 countries and regions and 27 domestic provincial-level administrative regions, including 61 Fortune Global 500 companies.

To showcase the vast opportunities in China's western region, all 12 provincial-level regions in western China jointly presented over 2,200 investment projects worth more than 3.7 trillion yuan under the "Invest in Western China" brand, according to the organizing committee.

Laos and Hungary are guest countries of honor, while more than 20 countries have set up national pavilions.

Gabor Gasko, director of Avicenna Travel Services, a subsidiary of Hungary-based Avicenna Holding, said events such as the ongoing fair strengthen tourism cooperation between Hungary and China.

Gasko said he is optimistic about expanding business in China, as the two countries are connected by more direct flights and China has implemented a visa-free policy for Hungary.

Last year, his company launched a pilot program to bring Chinese students aged 14 to 18 for a two-week summer camp in Hungary, Gasko said. The program will run both in summer and winter this year, with participants projected to increase significantly.

Chen Ping, director of the Hungarian Export Promotion Agency's Southwest China representative office, said her office organized over a dozen Hungarian companies to showcase their products at Hungary's national pavilion, including wines, condiments, snacks and cosmetics.

Hungary's exports to China have maintained an average annual growth of around 20 percent in recent years, while the country has already established extensive cooperation with China's eastern coastal regions, Chen said.

"China's western region has shown remarkable development momentum and strong market potential," she said. "We look forward to further expanding the market for Hungary's high-quality products through the fair."

Thieng Somsat, chairman of Lao company Meely Decore Sole Co Ltd, said the fair has strengthened his confidence in expanding business operations in China and enhancing collaboration with Chinese partners.

"Laos has abundant high-quality, eco-friendly agricultural products," he said. "We are planning to invite more Chinese partners to visit Laos and introduce more Lao products to the Chinese market."

Lei Lin, chairman of Sichuan Golden Elephant Sincerity Chemical Co Ltd, said his company is seeking more business opportunities in Belt and Road countries through the event.

The company has launched a 4.2 billion yuan melamine-green fertilizer integrated industrial chain project in Indonesia's Gresik special economic zone, he said. The first phase of the project is set to begin operations next year.