Belt and Road Initiative Brings Win-Win Opportunities to Par
GUANGZHOU, China, June 22, 2020 /PRNewswire/ -- The ongoing 127th China Import and Export Fair (Canton Fair), echoing China's Belt and Road Initiative (BRI) project, has brought win-win opportunities for both Chinese and international businesses to discover the rising market potential. Chinese companies have received hundreds of orders with BRI countries during the grand event. In the meantime, BRI countries have brought the largest exhibitor group to the Fair's international pavilion.
"Throughout the years we have received more than 8,000 exhibitors from BRI countries," said Quandong Liu, Deputy Director General of Foreign Affairs Office of Canton Fair." In addition, many Chinese companies have targeted BRI countries as their key market and have received fruitful results at the Fair. We accordingly have invited more companies from BRI countries to join our event."
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BRI market potential revealed at the Canton Fair
Qin Lei, marketing manager of China National Heavy Duty Truck Group International Co., Ltd. (Sinotruk International), values the potential of the BRI market. He noted that countries along the BRI focus on developing infrastructure and logistics. This not only benefits Chinese companies, but also brings more value to the BRI local area such as job opportunities.
At this year's Canton Fair, exhibitors have embraced the BRI opportunities. In the first 5 days, Beijing exhibitors have signed more than 300 purchase intentions along the BRI with more than USD 13 million turnover.
Beijing Oriental View Technology has received 30 sourcing requests with more than USD 1.5 million potential turnover. Its representative said that the company will further take advantage of the BRI market to integrate market resources in the southern Asia, introducing a new operation service mode by cooperating with local cable television and online website.
In addition, 45 percent of total sourcing requests to Tianjin exhibitors come from buyers from BRI countries. Exhibitors have applied product localization strategies to explore the market potential along the BRI, including presentation of new products that are designed for these regions.
Tianjin's local welding machine manufacturers such as Tianjin Minmetals Corporation and Tianjin Bridge Welding Materials Group Co.Ltd, have introduced welding rods, welding wire and flux that are designed based on target geographical environments and technical requirements. These products are welcomed by buyers.
BRI Win-win Opportunities in Digital Era Further Raised
Exhibitors from the BRI countries accounted for 72 percent of total international pavilion exhibitors, with products covering electronic home appliances, building materials, fabrics and home textiles, household items, food and beverages. The exhibition has helped these companies explore the both domestic and international markets.
FRESH, a leading home appliance company in Egypt believes that participating to such online trade fair is cost-effective. "The world is getting closer. Everything can be achieved with your fingertips. The barriers such as geographic distance, language, time zone and cost are gone. We can have quick and easy interaction with the whole world," said Khaled Ramzy, export director.