Forty-one Turkish companies will participate in an expo, which will be organized for the first time for the Chinese import market, which has reached $2 trillion.
The China International Import Expo (CIIE) will be held in Shanghai on Nov. 5-10, Anadolu Agency (AA) reported.
This import expo, held for the first time in China, will feature consumer electronics and appliances, electronic household goods, kitchen utensils, food and agricultural products, toys, skin care, hair and personal care products, clothing, accessories, daily consumer products, medical products, new technologies and smart devices
Organized in Shanghai on an area of 240,000 square meters, the expo will ensure that products of developed and developing countries are introduced to the Chinese market. Different countries with competitive advantage will benefit from the Chinese market with various seminars, forums and new product introductions. A wide range of issues such as tourism, culture, education, creative design, developing technologies, and outsourcing will be introduced in the expo, which has reserved a separate hall for the services sector. Applications were received from 120 countries to participate in the event.
Companies will be supported by the Trade Ministry, which decided to participate in exhibitions. From Turkey, 41 companies will attend the fair with national participation. This figure is expected to increase with other Turkish companies participating individually. Companies that will participate in the event operate in kitchen utensils, jewelry, chemistry, food, white goods, agriculture and automobile spare parts sectors. Hazelnut producers will take part to introduce the Turkish hazelnut.
China announced that it would host the import expo as of 2018 to revive the historical Silk Road trade and to improve trade in the countries of the region.
Commenting on the issue, Foreign Economic Relations Board (DEIK) Turkey-China Business Council President Murat Kolbaşı said China opened its own market to foreign companies based on domestic consumption, adding this expo would be held annually from this year forward. Pointing out that the fair would be open to all countries and brands in the world, Kolbaşı noted that the effect of Turkish companies in China would continue.
He stressed that this expo would also create opportunities for the Asia Pacific market, saying, "China, which achieves $2 trillion a year in purchases, says ‘Come on, I am opening my market.' Expansion in the Chinese market will also affect other markets. Our firms, which are positioned in China, will also be a
ble to take positions in Asia Pacific."
Since companies operating in sectors such as electrical appliances, textiles and accessories would take part in the expo, Kolbaşı said it is a very good market for Turkish gastronomic brands to enter in the long run. "Our bagel and coffee firms will take part in introducing our cuisine in gastronomy. The introduction of this cuisine will pave the way for home appliances that make our tea and coffee," he added. "Thin waist tea classes for Turkish tea or Turkish coffee cups will come to the fore in this regard. We actually need to export our culinary culture there. I think this market will further grow."
Bilateral trade between Turkey and China was $28 billion in 2017, and Turkey's imports from the country totaled nearly $26 billion. Chinese firms that have been operating in Turkey's logistics, electronics, energy, tourism, finance and real estate sectors are expanding their businesses in the country. With the entry of the Bank of China and the Industrial Commercial Bank of China (ICBC), the flow of Chinese companies into Turkey has accelerated and also expanded into the e-commerce sector recently. The number of Chinese firms operating in Turkey neared 1,000 by April, according to data from the Economy Ministry.
Chinese foreign direct investment (FDI) in Turkey has exceeded $2 billion according to data from the Economy Ministry for the last 15 years.