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Jiaxing expands overseas markets in Middle East, Central Asia

chinadaily.com.cn| Updated : Feb 27, 2024

Jiaxing is actively pursuing market expansion in the Middle East and Central Asia. On Feb 26, the Jiaxing commerce bureau organized a resource promotion event to introduce key exhibition resources from the Middle East and Central Asia.

During the event, various exhibition companies showcased resources from significant exhibitions, including the China (Vietnam) Trade Expo and the Saudi Arabia International Textile and Apparel Industry Expo. Financial institutions also briefed attendees on the latest foreign trade financial policies.

One such company, Tongxiang Yusheng Trading Co Ltd, has shifted its focus to the Middle East market amidst changes in global trade dynamics. Recognizing the region's strong consumer purchasing power and favorable relations with China, the company aims to diversify their market presence.

Similarly, Jiaxing Shanhui Apparel Co Ltd has identified opportunities in Central Asia. With plans to participate in exhibitions like the Saudi Arabia International Textile and Apparel Industry Expo, the company is actively pursuing collaborations with potential clients in the region.

In 2023, Jiaxing's exports to the Middle East and Central Asia saw significant growth. There were 2,962 Jiaxing companies engaged in trade with the Middle East last year, achieving exports of 23.46 billion yuan ($3.25 billion), a year-on-year increase of 6 percent. Meanwhile, 457 Jiaxing companies were engaged in trade with Central Asia, achieving exports of 1.55 billion yuan, up 17.9 percent year-on-year.

Looking ahead to 2024, the Jiaxing commerce bureau emphasized the importance of adapting to global trade dynamics. They highlight the rapid economic development in the Middle East and the strategic significance of Central Asia, urging local enterprises to seize emerging opportunities.

To support outbound exhibitions, the bureau announced subsidies for participating enterprises. This initiative aims to incentivize more companies to explore overseas markets actively.

In 2024, Jiaxing plans to organize over 3,600 companies for outbound exhibitions in 2024, demonstrating its commitment to expanding the city's global footprint.