Expo bonanza for U.S., Chinese firms
COUNTRIES REAP BUMPER HARVEST AT EXPO
The third China International Import Expo provided a comprehensive platform for Chinese and U.S. companies to enrich business ties and bolster bilateral trade, said executives of U.S. companies.
Both groups said they believe the event created fresh momentum for U.S. companies to further explore the Chinese market.
At the annual expo, which concluded in Shanghai earlier this month, exhibition space was increased to 3.87 million square feet, 323,000 sq ft more than last year, and tentative deals worth $72.62 billion were reached, 2.1% more than last year.
A total of 411 new products, technologies or service items debuted on the Chinese mainland or globally at the expo, organizers said.
At least 29 companies, including big global names such as Cargill, Michelin and Panasonic, confirmed they would take part in the expo next year during the enterprise alliance conference of the third CIIE on Nov 5.
Holding a full-fledged expo this year demonstrates China’s determination to further open up and integrate into the global market, said Leo Liu, president for Asia-Pacific of the agribusiness group Archer Daniels Midland Co. of Chicago, a first-time participant.
“China is not only one of the most important markets in the world for ADM, but also our innovation hub in Asia-Pacific,” Liu said. “We will continuously expand trading in China and innovations in nutrition to meet rising consumer demand.”
The company is building a food ingredient factory in Zhejiang province that is expected to open next year, he said.
After signing agreements worth about $5.5 billion over the past two CIIEs, Robert Aspell, president for AsiaPacific of Cargill Inc., another agribusiness company, said the expo offers more opportunities for the food and agriculture industry to come together and exchange ideas on important issues. It will in turn help the industry to better develop.
Yann Bozec, president for Asia-Pacific of Tapestry, the parent company of a range of luxury fashion brands, including Coach and Kate Spade, said: “We will continue to leverage the vital opportunity presented by the CIIE to further deepen our localization and innovation, boost global cooperation, as well as fully utilize our global resources to unlock the opportunities in China.”
Tapestry signed an agreement for long-term cooperation with the CIIE Bureau, the event’s organizer, earlier this year, making it into the first batch of exhibitors that pledged to take part in the CIIE for three years beginning this year.
Michelle Ho, president of UPS China, said the expo has helped the company to sell products, reach customers with greater precision and gain a better understanding of market dynamics and specific customer needs. This has enabled the company to continue developing solutions to optimize its supply chain strategies.
Johnson & Johnson had more than 10,760 sq ft of exhibition area at the expo, and exhibited 53 products and technologies.
China’s improved business environment, surging demand for high-quality medical products and services, and the market’s expectations for innovative healthcare solutions will continue to inject strong impetus into the growth of many global companies in China, said Will Song, chairman of Johnson & Johnson China.
Ma Yu, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said the greater presence of U.S. businesses is evidence of their strong desire to tap into the Chinese market and expand collaboration.
“China is not only one of the most important markets in the world for ADM, but also our innovation hub in AsiaPacific. We will continuously expand trading in China and innovations in nutrition to meet rising consumer demand.”
LEO LIU