An influential exposition held in Jilin Province, located in northeast China, has attracted a diverse array of foreign enterprises keen on capitalizing on burgeoning business prospects in the region.
Historically overlooked by foreign investors due to its roots as a former industrial center in China’s “Rust Belt,” Jilin Province has made remarkable strides. The province has transitioned from traditional sectors like automobiles and agriculture into dynamic emerging industries such as new energy and new materials.
Strategically situated within the Northeast Asian economic circle, Jilin has been progressively advancing its commitment to a higher level of openness over recent years.
According to the Jilin provincial department of commerce, the province’s exports for the first half of this year reached 28.14 billion yuan (approximately 3.9 billion U.S. dollars), registering a 25.3 percent year-on-year growth. This growth rate surpasses the national average by 21.6 percentage points, with exports to Belt and Road countries witnessing a notable 78.2 percent surge.
This transformation has positioned Jilin as an attractive destination for foreign enterprises aiming to invest and flourish within the Northeast Asia region.
The 14th China-Northeast Asia Expo, which concluded in Changchun, the provincial capital, witnessed the participation of more than 1,000 domestic and international companies. Prominent entities like AstraZeneca and the RCEP Alliance from the Republic of Korea (ROK) showcased their offerings, drawing a constant stream of business enthusiasts.
Distinguished representatives from government bodies, corporations, and academia across Northeast Asian nations congregated at over 30 themed forums and business negotiations, exploring prospects for collaborative ventures.
Egor Andreev, the Asia-Pacific Project Director at Russia’s Yandex, shared his insights, stating, “Through the China-Northeast Asia Expo, I have come to realize the vast market and cooperation potential in Northeast China.” Yandex, a search engine operator, provides investment consultancy services for Chinese firms venturing into the Russian market.
Andreev remarked on the growing interest of Chinese businesses, particularly in mechanical and electronics sectors, to proactively forge partnerships for international expansion. He expressed hope for collaborations in the automobile sector, as Changchun is renowned as the birthplace of China’s automotive industry.
Diverse foreign enterprises participating in the expo echoed similar sentiments, highlighting Jilin’s invigorated dynamism. These entities lauded the government’s commitment, the expansive consumer market, and the traction gained by nascent industries.
Lee Yoon-woo, Chairman of Dai Han Pharm. Co., Ltd., an esteemed name in ROK’s medical device sector, expressed the intent of seeking “new opportunities with old friends.” Lee’s participation in events like the Korean Business Day yielded pleasant surprises, offering insights into collaborative platforms such as the China-ROK (Changchun) International Cooperation Demonstration Zone.
These foreign enterprises, intrigued by Jilin’s progress, are enthusiastic about nurturing mutually advantageous collaborations with local governments and companies in forthcoming events. The expo has undeniably served as a catalyst for cross-border engagement, reflecting the growing significance of China’s northeast in the global business landscape.