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Belt and Road Initiative Creates Opportunities in Eastern Europe Food Trade at Canton Fair

July 12, 2017, 16:05 UTC+3
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GUANGZHOU, China, July 12, 2017 /PRNewswire/. The China Import and Export Fair (Canton Fair) is reporting a sharp increase in the number of buyers from Eastern European countries, including 6294 from Russia and 1397 from Ukraine, among the 88,574 Belt & Road buyers who attended, a 14.61% growth since the launch of China's Belt and Road Initiative (BRI), the country's development strategy to boost economic development along the Silk Road Economic Belt and the 21st Century Maritime Silk Road, in 2013.

Ukraine's food trade with China soars since launch of the BRI

Ukraine was one of the earliest countries to support the BRI, having signed a bilateral protocol confirming their participation in associated development projects in 2014. Since then the country has witnessed rapid development in its trade with China, including food goods. 90 percent of corn and 95 percent of sunflower oil imports into China came from Ukraine in 2015. In 2016, China was the second-largest export market for Ukraine with turnover reaching US$ 1.026 billion.

Minister-Counselor of the Embassy of Ukraine in China, Viktor Tanasiychuk, is confident about the prospects for the continued growth of China-Ukraine food trade. He told Food to China that establishing more effective communication between producers and importers should help more consumers learn about Ukrainian food.

Roman Kryvosheyev, CEO of Fialan, who has been attending the Canton Fair since 2012, spoke highly of the positive role that the BRI plays in promoting business between China and Eastern European countries. He commended the strategy as "a new way that should significantly decrease costs and time of delivery from Ukraine to China".

"Thus, Chinese consumers will receive the freshest organic food from Ukraine at acceptable prices," he said.

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