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Xiamen sees growth in trade with BRICS countries

(chinadaily.com.cn) Updated:2017-08-10

Prior to the 9th BRICS Summit, its host city of Xiamen in Fujian province saw trade with other BRICS countries grow by 60 percent to reach 23 billion yuan ($3.45 billion) in the first half of the year.

Xiamen's imports from the four countries — Brazil, Russia, India and South Africa — reached 15.7 billion yuan, equating to 82 percent growth, said Xiamen vice-mayor Han Jingyi at a news conference on Aug 2.

These figures compare to the 33 billion yuan worth of trade between Xiamen and the four countries and the 20.4 billion yuan worth of imports from the countries last year.

The data shows a clear growth momentum in trade between Xiamen and the BRICS countries.

Xiamen has been diversifying business modes in foreign trade, improving foreign trade services, cross-border e-commerce, financial leasing and bonded imports and exhibitions, said Han, who added that this year 10 million twenty-foot equivalent units (TEUs) will be handled at the Port of Xiamen, one of the most important foreign trade ports in China, within the year.

Xiamen has experienced increasing economic exchanges with BRICS countries in recent years, and this is also reflected in foreign investment. Recent figures reveal that BRICS countries have invested in 43 projects in Xiamen, while the city has invested in 11 projects in those countries, including investments by Wanli Stone Stock Co and Yama Ribbon in South Africa and India.

The city set up liaison offices to facilitate foreign investment and trade in Mumbai, India, in November 2015 and Johannesburg, South Africa, in September 2016.

Han provided this information while promoting this year's China International Fair for Investment and Trade, one of the largest investment events in the world to be held in Xiamen following the ssummit, Eeo.com.cn reported.

The opening of the annual investment and trade fair has been rescheduled to 10 days later than its usual time to make way for the summit, which will further promote trade and economic exchanges between Chinese cities and the other four BRICS countries.

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