A supply-and-demand matching conference between Wuxi foreign trade enterprises and overseas business associations and purchasing representatives takes place in Wuxi on Jan 12. [Photo/Wuxi Daily]
More than 200 foreign trade enterprises from Wuxi secured deals worth $35 million in just three hours at a supply-and-demand matching conference in the city on Jan 12.
The event proved to be a showcase of strategic planning and execution and there were several key factors contributing to its success.
First, the matchmaking was tailor-made and precise. Buyers were not aimlessly browsing; they were members of business associations from key markets like Indonesia, Vietnam, and Brazil, each equipped with specific purchasing lists. This allowed Wuxi companies to bypass blind promotion and engage in direct discussions about products, specifications, and pricing, resulting in a high level of efficiency.
Conducting business at home provided Wuxi companies with confidence and facilitated smooth communication. With buyers visiting them in person, these companies could showcase their products and negotiate partnerships in a familiar environment, fostering stable mindsets and easier trust-building.
More importantly, Wuxi targeted emerging markets involved in the Belt and Road Initiative, such as Indonesia, Vietnam, and Brazil – regions experiencing economic takeoff with a strong demand for machinery, logistics systems, and industrial components. By establishing a presence early, Wuxi enterprises are able to tap into vast new opportunities.
Wuxi's approach is akin to an open-book exam – first understanding the needs of foreign enterprises, then leveraging its own strengths. This strategy not only prevents Wuxi companies from blindly venturing abroad but also helps overseas buyers quickly find reliable suppliers.
According to a representative from the city's commerce bureau, they will next conduct a detailed assessment to determine the actual needs of Wuxi's foreign trade enterprises.
The focus will be on key industries such as electronics, machinery, textiles, clothing, motorcycles, and electric vehicles. This effort will support local companies in expanding into emerging markets like Central Asia, Africa, and Latin America, thereby increasing the global market share of Wuxi-made products.
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