WELLINGTON, Nov. 3 (Xinhua) -- Participating in the China International Import Expo (CIIE) boosts the future development of Fonterra, said Teh-han Chow, the global dairy nutrition company's Greater China CEO.
The fifth CIIE, to be held on Nov. 5-10 in China's economic hub Shanghai, allows Fonterra to present achievements and unlock the market potential in China, Chow told Xinhua in a recent interview.
This year marks the 50th anniversary of diplomatic ties between China and New Zealand. As one of the first New Zealand businesses that entered the China market, Fonterra has established a strong core business by sharing the goodness of milk through an integrated business across dairy ingredients, food service and consumer brands, he said.
The Greater China's contribution to Fonterra's global business, in terms of both volume and value, is about one-third of its total exports, said Chow.
"Having witnessed and enjoyed a great spillover effect over the past four years of participation, we are looking forward to this year's CIIE to showcase more products, local collaboration and sustainability initiatives that we bring to the dairy industry in China," he said.
China is one of Fonterra's most important strategic markets in the world owe to the Chinese people's rising disposable income and health consciousness, said the CEO.
"The environment is very friendly for companies to do business in China, especially in Shanghai. It is the rule of law, clear policies and procedures, and the government's efforts to streamline processes that help make things run more smoothly for us," Chow said.
Economic globalization is essential to greater economic growth for most transnational businesses, he said, adding that the New Zealand-China Free Trade Agreement has further enhanced cooperation and increased efficiency in trade between the two countries in many ways.
Economic globalization has also provided an opportunity for dairy industry to exchange information and knowledge on food safety, quality and waste recycling, and enabled Fonterra to partner with local enterprises in the field of innovation, using Fonterra's local innovation and application centers in China, said Chow.
Over 280 of the world's top 500 enterprises and industry giants will attend this year's CIIE, among which nearly 90 percent are returning participants from last year, according to the CIIE Bureau.
China is currently New Zealand's largest trading partner, accounting for approximately 30 percent of New Zealand's exports of goods and services, said the bureau.
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