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Genertec signs purchase agreements worth over $1 billion at 4th CIIE

2021-11-06

Genertec signed purchase agreements worth over $1 billion during the 4th China International Import Expo (CIIE), which kicked off at the National Exhibition and Convention Center in Shanghai, doubling the amount of deals signed at the previous session of the CIIE and setting a new record.

Yu Xubo, chairman of Genertec, attends the opening ceremony of 4th CIIE

Genertec, as a central enterprise engaged in foreign trade, has participated in the annual event for four consecutive years.

At the signing ceremony, Genertec made purchase contracts with Philips, Phelps Dodge, Siemens, Sri Trang Agro-Industry Public Company Limited and other companies in medical equipment, bulk commodities, technical equipment, as well as consumer electronics and goods.

The performance of Genertec at the CIIE mirrors the capabilities and strength of the group, which has made trade and engineering services one of its three pillar businesses.

Taking advantage of the CIIE, Genertec has continuously expanded the imports of high-quality goods, cultivated new business forms and models, and promoted the innovative development of foreign trade, noted Yu Xubo, chairman of Genertec.

Yu added that Genertec has strived to act as a bridge between Chinese and overseas markets and a hub for facilitating the orderly and free flow of domestic and international factors. 

Genertec showcases advanced technologies at 4th CIIE

As an important window of China’s further opening-up, the CIIE has provided countries with more opportunities related to markets, investment and economic growth.

During the CIIE, a high-tech mask jointly made by Genertec and Philips, a century-old health technology company as well as an old partner of Genertec, was particularly eye-catching. The product has adopted water electret and AirPower technologies and been made of green fiber independently developed by Genertec.

With the fund and logistics platforms of Genertec, more V60 non-invasive ventilators of Philips, which are easier to operate and show stable performance, will be put into the Chinese market to benefit more Chinese people.

Lu Yimin, president of Genertec, delivers a speech at global procurement contracts signing ceremony

As one of the three central enterprises approved by the State-owned Assets Supervision and Administration Commission of the State Council of China which mainly engage in medical and healthcare business, Genertec saw a record high in the amount of signed deals in medical devices during this year’s CIIE.

“We are willing to actively practice China’s sincere wish to share market opportunities with other countries and promote world economic recovery with concrete actions,” noted Lu Yimin, president of Genertec.

Genertec has actively participated in CIIE for four years

Evolving from 6 companies directly affiliated to the former Ministry of Foreign Trade and Economic Cooperation of China (now Ministry of Commerce), Genertec has actively supported China’s foreign trade from the very beginning.

It was engaged in the introduction of high-end equipment and advanced technologies in China’s history. From the introduction of the “156 key projects” that laid the foundation of the New China’s industrialization to the implementation of Baoshan iron and steel company, high-speed rail EMUs and other national key projects, Genertec has witnessed and participated in the historical processes of New China, from construction to opening-up and cooperation.

In recent years, Genertec has mainly focused on advanced manufacturing and technical services, medical and health care, and trade and engineering services, continuously optimizing its business layout and structure, enhancing innovation, and promoting high-quality development of foreign trade.

Since its participation in the first CIIE in 2018, Genertec has signed deals worth nearly $2 billion in total during all four sessions of the event.

Thanks to China’s super-large market and upgrading consumer demands brought about by a population of 1.4 billion, the domestic market is favored by more and more foreign investors, according to an executive of Genertec, who considers the CIIE a catalyst for turning high-quality exhibits into commodities.

Genertec signs strategic cooperation framework agreement with Philips

Genertec aims to grasp new opportunities to serve China’s “dual circulation” development pattern

Openness brings progress, and only cooperation can lead to win-win results. With the in-depth development of the new round of technological revolution and industrial transformation, innovative technologies such as 5G, Internet of Things, big data, artificial intelligence, and blockchain have been continuously integrated into industrial manufacturing, healthcare, new energy, new materials and other fields, generating unprecedented opportunities for the high-quality development of foreign trade.

Siemens,one of the most important overseas suppliers of Genertec, chose “Technology to Transform the Everyday” as the theme of its exhibition booth at the 4th CIIE. Genertec signed a purchase agreement for protective relay devices and fault recorders with Siemens.

The purchased equipment will be used in related projects in Bangladesh to inject new momentum into the high-quality joint construction of the Belt and Road.

The 4th CIIE has boosted the world economy that is under multiple risks and challenges.

As one on the Fortune Global 500 list, Genertec will continue to actively implement the concept of building a community with a shared future for mankind, assume its social responsibility as a corporate citizen, and work together with global partners to serve China’s new development pattern of “dual circulation” with practical actions.