East China's Zhejiang province reaped tremendous benefits from the 4th China International Import Expo (CIIE), which concluded in Shanghai on Nov 10.
Zhejiang enterprises were among the biggest buyers of high-quality consumer goods and advanced equipment at the import expo.
On the first day of the 4th CIIE, NingShing Ubay, a Ningbo-based cross-border e-commerce firm, and Samyang Foods Co from South Korea announced the establishment of a joint venture dedicated to the China market. "Many Chinese consumers have heard of Samyang's Buldak Ramen through popular variety shows and TV dramas from South Korea. But the product was lacking sales channels in China until the second CIIE where we met Samyang and helped promote the brand in the domestic market. Samyang's Buldak Ramen later became an online sensation after it was promoted by China's most successful commercial livestreamer Li Jiaqi," said Cao Xudong, deputy general manager of NingShing Ubay.
Cao added that NingShing Ubay would purchase another 1.3 billion yuan ($203 million) worth of Buldak Ramen and other varieties of fast food from Samyang in the coming months.
Zhejiang Shunfu Printing Co was another big spender at this year's CIIE, inking intended deals with Japan's Ricoh and Germany's Heidelberger to purchase two digital printing machines worth $5 million. The company had in the previous three editions of the CIIE spent $11 million on seven printing equipment by these two companies.
"Drupa, the biggest fair in the printing industry, is held in Dusseldorf, Germany every four years. The fair is too far away and has such a long interval between editions. Now, through the CIIE, we can access our desired manufacturers at our doorstep," said Huang Guoxin, chairman of Zhejiang Shunfu Printing Co.
Zhejiang also managed to draw foreign investors through the 4th CIIE. Authorities in Hangzhou's Gongshu district and the CIIE trade delegation from the South Korean city of Daegu signed a cooperation agreement to establish the Daegu Life Health Industry Cluster in the district. The cluster will cost 25 billion yuan and consist of nearly 500 South Korean companies including Hyundai Group.
Meanwhile, Shanghai Electric Wind Power Group and Danfoss signed a cooperation agreement at this year's expo to build a demonstration zone for zero-carbon-emission industries in Jiaxing's Haiyan county.