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Business
Print Edition> Business
UPDATED: September 9, 2013 NO. 37 SEPTEMBER 12, 2013
Pivoting West
Businesses from Central Asia and Europe flock to Urumqi for the China-Eurasia Expo
By Deng Yaqing
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SHOW TIME: Exhibitors display their goods on September 3, the opening day of the Third China-Eurasia Expo (CFP)

Even at nine o'clock in the evening, darkness cannot fully blanket Urumqi, capital of northwest China's Xinjiang Uygur Autonomous Region, a geographical feature that allows the China-Eurasia Expo—which is partially held outdoors—to last longer than it would were it held in a more eastern part of the country.

Li Feilong, owner of a local building material company, was not complaining. He had more time to woo potential business partners.

"I began to attend China-Eurasia Expo when it was called Urumqi fair. Now, it has become increasingly difficult to even get a booth at the expo," said Li, referring to the fact that less than 50 percent of applicants were awarded a space at the Expo, according to statistics from the organizing committee.

The Urumqi-based building material manufacturer exported 50 percent of its products to the five central Asian nations—Kyrgyzstan, Uzbekistan, Kazakhstan, Turkmenistan and Tajikistan. Its products can be found in more than 70 percent of the bus rapid transit system in Urumqi.

"Following each China-Eurasia Expo, my company always receives many inquiries from real estate companies and even militaries. The expo has become an important opportunity to expose what you have to offer," said Li.

The Central Government drafted plans in 2010 to rapidly develop its most western frontier in a number of areas. In September 2011, the first China-Eurasia Expo, upgraded from the 19-year-old China Urumqi Foreign Economic Relations and Trade Fair, was held.

"Given that Xinjiang is in the interior of the Eurasian continent, it has been the most dynamic in economic development," said Zhang Lei, Deputy Director of the Central Asia Regional Economy Institute under the Xinjiang University of Finance and Economics. Xinjiang, once so prominent along the Silk Road 2,000 years ago, is trying to reposition itself as the epicenter of trade between China, Central Asia and Europe.The expo strives to become a platform for cooperation for the Eurasian region by using Xinjiang's geographical advantage.

A total of 1,565 enterprises, including 1,432 domestic companies and 133 from overseas, participated in the expo and 165 key investment agreements were signed, amounting to 213.22 billion yuan ($34.84 billion), up 3.08 percent from the previous year.

At the opening ceremony of the expo, China's Vice President Li Yuanchao predicted that in the next five years, China would import commodities worth $8 trillion from and make direct investments of $450 billion in Asia and Europe.

"The world economy is undergoing profound changes. The trends of economic globalization and regional integration are gaining momentum," said Li Yuanchao.

Matlubkhon Davlatov, Tajikistan's First Deputy Prime Minister, said the expo is an important platform for economic cooperation and trade between Xinjiang and Central Asia. Here, they can exchange views, promote investment and give play to economic and trade potential, he said.

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