Shenyang in Liaoning province has longstanding commercial links with 66 out of the 67 countries along the Belt and Road Initiative, which contributes significantly to Shenyang’s foreign trade, Xinhua reported on Jan 10.
Statistics from Shenyang municipal bureau of foreign trade and economic cooperation reveal that Shenyang exports its products to 66 countries along the Belt and Road Initiative, and imports goods from 46 countries.
During the first 11 months of 2016, the gross value of exports by Shenyang city to countries along the Belt and Road Initiative hit $1.24 billion, accounting for 31.7 percent of the city’s total exports.
A total of 22 foreign contracted projects worth $334 million were signed between Shenyang and countries along the Belt and Road Initiative, accounting for 28.6 percent of the whole contracts signed by Shenyang.
Meanwhile, Shenyang businesses invested in eight projects in seven countries in the group, including India, Pakistan and Oman. Total investment in the projects was around $85.7 million, among which the investment volume of three projects exceeded $ 10 million.
The highlight of Shenyang’s foreign economic and trade cooperation is Shenyang-based Northern Heavy Industries (Group) Co (NHI), one of China’s top-three heavy machinery producers.
On Jan 2, NHI signed a cooperation agreement with a company in Turkey to export six shield machines for the construction of the Istanbul metro, laying a solid foundation for NHI to further expand its market share in Turkey and other countries in the region.
NHI also signed a project for an Indian power plant worth 100 million yuan; a coal-fired power plant in Dubai with total investment of 180 million yuan; and an Iranian pelletizing plant project worth 400 million yuan.
The next step for NHI is to take advantage of its advanced products and services to expand its market share in Africa, the Middle East, Southeast Asia and Central Asia, according to a manager at the firm.
To better serve Shenyang-based businesses to trade with foreign companies, the city established a “Go Out: Corporate Strategic Alliance” for commercial information and assistance.
Shenyang will also strengthen its ties with world-famous finance institutes, accounting and law firms to provide more professional and comprehensive services for businesses' transnational operations, according to Gao Hang, director of Shenyang municipal bureau of foreign trade and economic cooperation.