14 Guangxi enterprises ink lucrative deals at Russian expo

An exhibition booth of a Guangxi enterprise attracts purchasers' attention. [Photo/People's Daily]

A delegation of 14 Guangxi companies, including Liugong Group and Liuzhou Liangmianzhen, participated in the seventh China-Russia Expo that was held in Yekaterinburg, the capital city of Sverdlovsk Oblast, Russia, from July 10 to 13.

The seventh China-Russia Expo was jointly organized by the Ministry of Commerce, the People's Government of Heilongjiang Province, as well as Russia's Ministry of Economic Development and the Ministry of Industry and Trade.

This year's expo gathered nearly 400 Chinese companies, and boasted an exhibition area of approximately 10,000 square meters. The event showcased services in areas such as economic and trade cooperation, industrial matchmaking, and cultural exchange. It also hosted a series of business activities, aiming to provide more platforms for communication and cooperation among enterprises.

In recent years, Guangxi's economic and trade cooperation with Russia has grown, despite the global trend. In 2022, the import and export volume between Guangxi and Russia reached 7.45 billion yuan ($1.04 billion), a year-on-year increase of 244.7 percent. 

From January to March 2023, trade with Russia further developed with a growth rate of over six times. This promoted the export of advantageous products such as construction machinery and headphones, as well as the import of important commodities such as crude oil, coal, steel, and timber.

Large companies like Liugong Group, Yuchai Machinery, and Liuzhou Steel have been actively expanding into the Russian market through various means. They have established companies, signed strategic cooperation agreements, and increased their import and export volumes.

During the expo, the Guangxi delegation conducted business matching and cooperation discussions in areas such as iron ore, coal, agricultural products, home furnishings, cleaning products, and electronic products. They held discussions with nearly 300 potential customers, and achieved an intended cooperation amount that exceeds 500 million yuan.