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Chongqing Foreign Trade Enterprises Share Biz Opportunities with ASEAN Partners

By YUTING CHEN|Jan 10,2023

Chongqing - Seizing the important period of economic recovery and foreign trade, Chongqing plans to support more than 1,000 foreign trade enterprises to expand overseas markets this year.

Formovie (Chongqing) Innovation Technology Co., Ltd., a company specializing in information and communications technology equipment for the general public, serves as one of the first batches of enterprises in Chongqing's plan to explore the international market. 

"We are looking forward to signing more orders and achieving our goal of a 50% increase in sales," said Shuai Ling, director of Public Affairs at Formovie (Chongqing) Innovation Technology Co., Ltd.

Workers from Formovie (Chongqing) Innovation Technology Co., Ltd. are accelerating production. (Photo / Formovie (Chongqing) Innovation Technology Co., Ltd.)

Economic and trade exchanges with Malaysia and Thailand

"By collecting companies' willingness to visit, we found that Malaysia and Thailand are the top two countries," said Xu Xincheng, deputy director of the Chongqing Municipal Commission of Commerce. The Commission plans to organize over 100 delegations spanning local enterprises this year. 

ASEAN is Chongqing's largest trading partner, and Malaysia and Thailand play an important role in ASEAN.

According to the Chongqing Customs District, from January to November 2022, the total value of import and export of Malaysia and Chongqing was 21.44 billion yuan (about USD 3.12 billion), accounting for 19.1% of the total import and export of ASEAN and Chongqing; Thailand and Chongqing imported and exported a total of 17 billion yuan (about USD 2.47 billion), accounting for 15.2% of the total imports and exports of ASEAN and Chongqing.

Chongqing's Trade Exchanges with Malaysia and Thailand. (Graphics / Chen Yuting)

By strengthening economic and trade exchanges with Malaysia and Thailand, Chongqing can further develop the ASEAN market.

This is conducive to enhancing cooperation in advantageous industries, expanding bilateral trade exchanges, comprehensively expanding cooperation space in various fields, and better promoting the implementation of RCEP.

Going global

"The desire of businesses is particularly strong, especially for small and medium-scale enterprises," said Xu.  

According to the Chongqing Municipal Commission of Commerce, over 20 Chongqing enterprises were in the first batch to go overseas, mainly small and medium-scale enterprises. 

Among them were 22 private enterprises, one state-owned enterprise, 20 manufacturing enterprises, and three trading enterprises.

The company involves nine industries, such as hardware tools, general machinery, automobile and motorcycle, food, and light textile, covering various fields of Chongqing's characteristic advantageous products. 

These enterprises have relatively high adaptions to the Southeast Asian market, and products such as electromechanical, automobile and motorcycle, and general machinery also have strong competitiveness in the local area.

A survey from the Chongqing Municipal Commission of Commerce showed that 96% of enterprises are willing to participate in international market development activities, and 85% are eager to open up the international market.

Ma Xiaoyan, director of the Institute of International Economics, Trade, and Logistics, Chongqing Academy of Social Sciences, said that enterprises should gradually form new international competitive advantages by improving product techniques, building brand influence, strengthening service capabilities, and continuously enhancing innovation capabilities. 

Ma also thinks enterprises should promote the transformation of labor-intensive industries into high-tech ones and transform short-term pressure into long-term motivation.


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