The eastern coastal city of Qingdao, Shandong province [Photo provided to chinadaily.com.cn] 

An economic and trade delegation of the China Council for the Promotion of International Trade Qingdao Sub-Council, returned home on Feb 23 with fruitful results after an eight-day business trip to Thailand and Singapore.

The delegation visited 12 local departments, held six investment promotions on the city's policies such as the construction of an international gateway hub, key industries and exhibitions as well as 10 economic and trade cooperation forums and discussed business opportunities with more than 70 Thai and Singaporean companies. Fifteen intended agreements, seven preliminary cooperative projects and two intended investments were reached.

Yu Wei, deputy head of the delegation and secretary-general of the China Chamber of International Commerce Qingdao Chamber, said the visit has strengthened the confidence of foreign-funded enterprises who still value the Chinese market. 

He said the chamber has prepared for this trip since last year and conducted research on local enterprises' different needs. "The participation ratio of local enterprises and Qingdao enterprises exceeded 5:1," he said.

"Local companies in Thailand and Singapore believe that China is a huge growing market and a highland for trade and investment. They have a high degree of recognition of Qingdao's business environment, market potential and urban development prospects," Yu added.

Montree Pongpan, chairman of the Thailand branch of the Asia-International Trade and Investment Association, participated in the matchmaking event between Thailand and Qingdao enterprises and promoted the in-depth trade of rubber, fruits, rice, beauty products and auto parts.

According to Yang Xia, general manager of the China-EU Trade Platform, "We negotiated with a Singaporean client three years ago and finally met the customer face to face and confirmed an order of 20 million yuan ($2.89 million)."

"We have reached preliminary cooperation intentions with five Thai companies and four Singaporean enterprises," said Wu Gaobo, general manager of Meili Qiaodong Cosmetics Technology.

"Through face-to-face exchanges, we strengthened our understanding of the local culture, policies and entrepreneurial environment of Thailand and Singapore. We met a large number of outstanding overseas Chinese entrepreneurs and expanded our 'circle of friends' from all walks of life overseas. These will become the most valuable resources for the long-term development of enterprises," said Wei Xing, general manager of Nanchuan International.