The Lithuanian National Trading House Opened in China
Today, on the 7th of June, the opening of the Lithuanian National Trading House with a permanent display of Lithuanian goods takes place in Ningbo (China). It will serve Lithuania’s business as a trading platform in China. During two years, producers of foodstuffs, beverages, cosmetics, souvenirs, home interior, furniture and other sectors will be able to present their products there.
‘Exporting to China, which is distant both geographically and culturally, is not a simple and quick process. Businesses exporting to China know that lots of time is needed for partners and consumers to trust and like products from far-away Lithuania. The display should become an ice-breaker for establishing further contacts and facilitating the entry into a new market, so that China remains the fastest-growing export market – last year it increased 40%’, says Virginijus Sinkevičius, Lithuania‘s Minister of the Economy who is on a visit in China at present.
The Lithuanian National Trading House will serve both as a place for displaying Lithuanian goods and as an office of cultural exchange and business relations. Exhibitions, seminars, meetings between the two countries’ entrepreneurs and potential investors are planned to be organised in this office.
‘The idea to open a permanent display was born a few years go. It was realised at a very convenient time when China is putting forth efforts to attract foreign partners and Lithuanians are discovering this country with growing opportunities. The Lithuanian National Trading House will be of benefit for companies that have been exporters for some time and those that are just starting export activities. It means both the opportunity for displaying the goods and having a reliable partner for exporting to China. It also means simpler logistics as the company will not have to send product samples to a potential partner from Lithuania as they will be sent from Ningbo’, says Daina Kleponė, Managing Director of Enterprise Lithuania.
The pavilion will be managed by Shanghai Richuan Industrial Co, a Chinese company authorised by Enterprise Lithuania. The company will help Lithuanian products to compete on China‘s markets and will secure logistics and opportunities for selling products via electronic channels.
The Chinese government is implementing an initiative under the title ‘One Belt, One Way’ the purpose of which is to promote products from Central and Eastern Europe in China. On 8 – 12 June, Ningbo will host ‘China-CEEC Investment and Trade Expo’ with the participation of producers from countries of this region. Seven Lithuanian companies are taking part: Imlitex, Medicata, Švyturys, Aromika, Ekosodas, Prieskonių Ambasada and PEONIA LAB.
China is one of the priority export markets for Lithuania. In 2017, the value of Lithuania‘s exports to China totalled EUR 180 million including nearly EUR 131 million of exports of goods of Lithuanian origin. Furniture accounts for the majority of exports to China (29%), followed by wood and wood products (22%), optical devices, measuring instrumentation and surgical instruments (14%), and machinery and mechanical equipment (7%).
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The economic tension between the US and China could be beneficial for Lithuania, since China has been putting all of its efforts seeking to improve its trade with other states by opening its market to foreign suppliers. This can be proved by the China’s first organised international trade fair “China International Import Expo”, held on 5-10 November, with 18 Lithuanian companies participating in it.
Lithuanian amber jewelry, beer, bread crisps, unique perfumery products, baby food, diary and many other Lithuanian-made products will be showcased at the upcoming China International Import Expo (CIEE). In total, 18 Lithuanian companies will present their products and services of clothing, accessories, food and beverage products in more than 160 squared meters area on 5-10 November.