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Home >> Business
UPDATED: 09:16, June 08, 2006
Trade fair to promote local companies
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The government of Zhejiang Province aims to push more of its local companies into the global market through a five-day investment and trade fair to be held in the port city of Ningbo.

"Currently about 2,000 local companies in Zhejiang have invested in the overseas markets, and we wish to increase the figure even further," Zhong Shan, vice-governor of the eastern province yesterday told China Daily on the sidelines of a press briefing in Ningbo, Zhejiang.

"These firms will cover almost every field of business, from manufacturing to sales," Zhong added.

The government today will inaugurate the 8th Zhejiang Investment and Trade Symposium and the 5th China International Consumer Goods Fair, which are scheduled to last until Monday.

The annual business events aims to create a platform for local companies and their foreign counterparts to seek co-operative opportunities, thus further boosting the already-robust regional economy in the Yangtze River Delta.

The business gathering will split into 11 sessions, spanning industries such as infrastructure construction, machinery manufacturing, services, textiles, energy and environmental protection.

Up to now, seven investment and trade gatherings of this scale have been held annually in the province since 1999, attracting more than 50,000 foreign participants from as many as 109 countries and regions.

In all, 2,395 projects have been clinched during the investment and trade fairs over the past seven years, totalling a contractual foreign investment of more than US$18.3 billion.

Last year, 251 projects were signed and total investment involved reached US$5.8 billion.

According to the organizer, about 1,000 key investments projects will be promoted to over 5,500 foreign investors this year.

"It is difficult to predict exactly how much investment we will secured during this year's fair, but I can assure you that it will definitely an increase from last year," Zhong told yesterday's news conference.

Meanwhile, in alliance with the Ningbo Municipal Government, China Daily today hosts a high-profile summit between multinationals and local governments in the Yangtze River Delta region.

The summit has attracted more than 100 senior executives of multinationals and government officials to talk about their ideas on the development of the thriving area.

Zhejiang, with a population of about 49 million, last year realized a GDP of 1336.5 billion yuan (US$167 billion), ranking the 4th nationwide by province.

Per capital GDP reached US$3,400 for the same period, becoming the first province whose per capital GDP exceeds US$3,000.

About one eighth of the nation's top 500 manufacturing companies are in Zhejiang, and the proportion of private-owned enterprises is more than a third.

Last year, the province posted a foreign trade volume of US$107.4 billion, of which exports were US$76.8 billion.

Source: China Daily

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