Cyprus takes part in virtual country exhibition in China

By Lanting Liu

Cyprus is taking part in the fourth China International Import Expo (CIIE), which opened in Shanghai on Friday, in the virtual country exhibition.

It is the first time Cyprus is taking part in this major international event, even though it is in the digital pavilion for guest countries, which was built using 3D modelling technology.

The virtual exhibition helps promote a country, by showcasing leading industries its culture and tourism, as well as highlighting its unique features and foreign investment potential. There are no transactions involved in this part of CIIE, in which 58 countries and three international organizations are participating. The exhibition for countries has gone virtual since 2020 because of the pandemic.

The CIIE is divided into three sections – country exhibition, business exhibition and Hongqiao International Economic Forum – and is import-themed, part of the Chinese government’s efforts to open up its economy. This year there are close to 3,000 exhibitors from 127 countries and regions taking part in the business exhibition.

President Nicos Anastasiades addressed the CIIE, saying: “CIIE provides an excellent platform for promoting trade openness and for strengthening international economic cooperation. Cyprus is a well-known international business centre and an ideal location for investment and tourism.”

During the third CIIE, in 2020, the two participating companies from Cyprus clinched deals worth US$20 million. This is was very important for Cyprus, but a tiny amount compared to the value of the total transactions which have been increasing every year. Even in 2020, during the pandemic, at the 3rd CIIE, the total value of deals was more than US$72 billion, 2.1 per cent higher than the previous year’s.

The total exhibition area has been expanding, every year, from 270,000 square metres in 2018 to 366,000 square meters in 2021. Businesses from all over the world seek to participate and many new products make their first appearance at the CIIE, which attract large numbers of international visitors.

The fourth China International Import Expo (CIIE) opened on November 5th, 2021 and will last for 6 days. As the world’s first import-themed exhibition held at the national level, CIIE is a major international event planned, proposed by Chinese President Xi Jinping himself. The purpose of this event is to demonstrate China’s determination and confidence in continuing to open up its market.

CIIE consists of three parts and they are country exhibition, business exhibition and Hongqiao International Economic Forum. Since the first CIIE in 2018, it had been successfully held for three years. And this year, 58 countries and 3 international organizations participated in the virtual country exhibition, and nearly 3000 exhibitors from 127 countries and regions appeared participated in the physical business exhibition.

There are countless visitors to the CIIE from different countries. The Chinese government continues to intervene temporarily to keep accommodation prices under control. This has affected some 1036 hotels and 179,700 guest rooms in Shanghai.

Speaking at the opening ceremony of the 4th CIIE, Chinese president Xi Jinping, said, “China is a firm believer in honouring its words with actions,” and highlighted four points. First, China would safeguard true multilateralism; the multilateral trading regime with the WTO at its core was the cornerstone of international trade.

In addition, China will firmly share market opportunities with the rest of the world. China will better integrate its domestic and foreign trade, promote Silk Road e-commerce, build modern logistics systems, and shore up the capacity of cross-border logistics. Third, China will firmly promote high-standard opening up. China will further shorten the negative list for foreign investment, and expand the opening of telecommunications, healthcare and other services in an orderly fashion. Fourth, China will firmly uphold the common interests of the world.

Visit Cyprus’ virtual country exhibition here: https://country.ciie.org/2021/Cyprus/index.html?lang=zh_CN