CIFTIS 2024 Opens In Beijing, Showcasing Global Collaboration In Services Trade

ISLAMABAD, (UrduPoint / Pakistan Point News - 13th Sep, 2024) The China International Fair for Trade in Services (CIFTIS) 2024, themed ‘Global Services, Shared Prosperity’ commenced in Beijing with a strong turnout from around the world.

The event sees participation from 85 countries and international organizations, alongside over 450 Fortune Global 500 companies and industry leaders. The fair reflects China's commitment to working with the international community to seize new opportunities in a fast-evolving global economy.

This year marks Australia’s third participation in CIFTIS, with the country already setting its sights on next year’s event, where it will be the guest country of honor.

Dominic Trindade, Minister (Commercial) at the Australian Embassy in Beijing, emphasized Australia’s plans for a larger presence at CIFTIS 2025. “We’re not just here for this year’s event—we’re preparing for the next 12 months with a range of initiatives designed to deepen trade in services between Australia and China,” he told China Economic Net.

Trindade underscored the importance of trade in services in strengthening Australia-China relations, supported by the China-Australia Free Trade Agreement and the growing number of high-level visits between the two countries. He also pointed to the boost in people-to-people exchanges facilitated by Australia’s inclusion in China’s visa-waiver program. “These interactions will help both nations recover economically and strengthen our ties,” Trindade added.

Portugal, debuting its National Pavilion at CIFTIS, is rolling out the red carpet for foreign investment.

Nuno Lima Leite, Managing Director for China and Economic and Commercial Counsellor at the Portuguese Embassy in Beijing, highlighted Portugal’s openness to investors from all over the world, as long as they meet national standards.

“Our doors are open to all, whether the investment is Chinese, American, or from elsewhere.

What matters is that it meets our criteria,” Leite remarked, emphasizing Portugal’s status as a non-discriminatory investment destination. He added that Portugal, with its strategic location in Europe and membership in the European Union, remains a popular choice for international investment, particularly in the renewable energy, infrastructure, and technology sectors.

Leite also pointed to the growing interest from Chinese companies, particularly in the energy and automotive sectors. He views CIFTIS as a key platform to advance partnerships in crucial areas such as green energy and digital services. “We’re looking for partnerships that align with our vision for innovation and sustainable development,” Leite said.

Cyprus is focusing on solidifying its long-standing trade and educational ties with China.

Petros Petrou, Commercial Counsellor at the Cyprus Embassy in Beijing, highlighted the depth of the bilateral relationship, noting the solid foundation of regular diplomatic exchanges and expanding trade cooperation. “Cyprus has been actively participating in China’s major trade fairs over the years,” Petrou said adding, “This event is an excellent opportunity for us to showcase a wide range of Cypriot products and services, and we’ve seen significant growth in our trade with China as a result.”

Since its inception in 2012, CIFTIS has grown into a premier platform for international trade in services, attracting more than 900,000 attendees from 197 countries and regions over the past decade.

As the 2024 event unfolds, it continues to play a key role in driving global economic growth. With countries from across the globe fully engaged, CIFTIS highlights the increasing importance of services trade in fostering global prosperity and unlocking new investment opportunities worldwide.