On 27th February, ICEC hosted an official delegation from Yantai, Shandong province. It was led by Mr. Zhao Xinzhi, Yantai Municipal Bureau of Commerce (Foreign Trade in-charge) and Mr. Liu Mingjie, Chief, Yantai Municipal Bureau of Commerce along with senior business professionals from some of the top local companies namely; Haiyang Youshang Information Network Technology Co., Ltd.; Yantai Dongfang Electronics Group; Yantai Jinzheng Environmental Protection Co., Ltd. and Shandong Hwapeng Precision Machinery Co., Ltd. They were visiting with the interest to create awareness about the development of Yantai City and share about the opportunities for Indians as well as prospects for Chinese companies to enter India.
Yantai, is a prefecture-level city on the Bohai Strait in north-eastern Shandong Province, China. It is the largest fishing seaport in Shandong. Being one of the fastest growing cities with a GDP of 435.8 billion RMB (2010), it is currently the second largest industrial city in Shandong, next to Qingdao. However, the region’s largest industry is agriculture. Other key sectors include automobiles, auto parts, electronics and marine machinery. It is famous throughout China for a particular variety of apple and Laiyang pear, cellophane noodles and is home to the country’s largest and oldest grape winery, Changyu. The city has an ongoing bilateral trade of 200 billion RMB with India.
The meeting began with Mr. Zhao giving a brief introduction of the economy and engagement with India and how they were keen to promote their industries further through increased participation in trade fairs and exhibitions in both countries. ICEC advised the delegates on how to strategically enter India wherein, the need for a long-term approach of Chinese companies and local partnership was emphasized.