Despite virus outbreak, business outlook remains strong at fair

The Belt and Road Initiative is bringing benefits to people in the countries and regions involved in the initiative, especially with substantial progress in the connection of infrastructure and the facilitation of international trade.

At the ongoing 127th Canton Fair, business is still burgeoning despite the influence of the COVID-19 outbreak. Behind the boom are efforts by trade delegations, especially from the BRI-involved countries and regions.

Since the fair's opening on June 15, the Beijing delegation has signed letters of intent for more than 300 orders worth some $13 million in total from businesspeople in the BRI-related countries and regions.

"At the fair, we have reached letters of intent for over 30 orders totaling $1.5 million," said an executive from Beijing Orient View Technology, a company specializing in providing interactive video products for the broadcast and telecommunications industry.

The company will capitalize on the opportunities brought about by the BRI construction. It will make full use of its marketing resources and network in Southern Asia and develop cooperation with local cable TV and internet platform operators based on new business models, according to the executive.

The Zhejiang delegation is also tapping into market potential of BRI-related countries and regions and encourages businesses from the province to secure new orders.

Among the companies from Zhejiang province that have had fruitful harvests is Zhejiang Zhao-xin Textile Sci-Tech, which puts an emphasis on exploring the markets in the BRI-involved countries and regions. One of the company's new products debuted at the fair has proved popular with buyers from Poland and Romania. To date, the company has signed letters of intent for sales worth $500,000.

Zhejiang Leo Group, a water pump manufacturer, has received more than 10 enquiries from buyers in BRI-involved countries and regions, since its livestreaming at the fair. Thus it plans to establish more subsidiaries in to expand its international sales network.

The Tianjin delegation is also putting its eye on BRI-related countries and regions. A survey targeting the fair's exhibitors from Tianjin shows that BRI-related countries and regions have contributed some 45 percent of the total letters of intent the delegation has signed so far.

Sunrise Packaging Machinery Group from Tianjin considers the Middle East, Eastern Europe and Southeast Asia as major export destinations and has developed multiple series of new packaging machines for such markets.

Source: Canton Fair News

Editors: Wing, Nan & Monica