Hong Kong will be featured in an international investment and trade event in Chongqing this week, as the two cities eye deeper collaboration in finance and modern services.

The SAR has been invited to be a guest city for the first time at the Western China International Fair for Investment and Trade (WCIFIT), an annual event promoting global and domestic trade in the western part of the country.

The 7th edition of the fair will be held between May 22-25.

At a press briefing on Monday, Zhang Yongwu, director of the Chongqing Municipal Commission of Commerce, said a 600 square metre pavilion featuring Hong Kong will be set up to showcase the SAR's financial, shipping and technological innovation progress.

He added that remarkable achievements have been made since the two places established the "Chongqing-Hong Kong Cooperation Mechanism" two years ago to promote cooperation in 11 fields, including construction under the Belt and Road Initiative.

"The governments of both sides attach great importance to the mechanism, and all sectors from the society are also actively participating in collaborations. Under the framework, remarkable achievements have been made, covering fields including economic and trade investments, finance, science and technology, logistics, cultural tourism, and legal dispute resolution," Zhang told reporters.

"For instance, in the field of economic and trade investment, Hong Kong has now become the largest source of foreign investment for Chongqing and is also the second largest trading partner of Chongqing," he said.

He said the two cities will jointly hold a series of economic and trade-related events at the fair, including one on the modern services industry, adding that over 20 financial figures from the SAR will visit the municipality to discuss cooperation potential.

Some 1,000 enterprises from 39 countries and regions as well as over 20 domestic provinces and cities are set to take part in WCIFIT this year.

Meanwhile, Chongqing mayor Hu Henghua said at the same press briefing that the south-western metropolis is keen to join hands with other mainland cities and provinces to explore overseas markets and develop green trade.

"At present, a very important breakthrough made in Chongqing is the green-related trade that's featured by industries such as the new energy vehicles," he said.

"For instance, when we are talking about the intelligent, internet-connected new energy vehicles, we have established a complete vehicle system, driven by leading enterprises such as Chang'an Automobile and Seres Automobile.

"Last year, our export of electric vehicles increased by 96.5 percent and momentum has continued this year," he added.

Noting its local gross domestic product exceeded 3.2 trillion yuan last year, Hu said the municipality is confident of reaching an annual growth target of around six percent this year, as it strives to boost the Yangtze River Economic Belt.