The 2024 China International Fair for Trade in Services (CIFTIS), themed “Global Services, Shared Prosperity”, kicked off with fanfare in Beijing on Thursday.
This year’s fair sees a strong turnout, with 85 countries and international organisations represented, alongside over 450 Fortune Global 500 companies and industry leaders. The spotlight is firmly on China’s commitment to collaborating with the world to seize fresh opportunities in a rapidly globalising economy.
Australia eyes a leading role in 2025
Marking its third year at CIFTIS, Australia is already looking ahead to the next year’s event, where it will take centre stage as the guest country of honour. Dominic Trindade, Minister (Commercial) at the Australian Embassy in Beijing, said that Australia is gearing up for an even bigger 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,’ Trindade told Ch
ina Economic Net. He emphasised how vital trade in services has become to strengthening the bilateral relationship, supported by the China-Australia Free Trade Agreement and an increasing number of high-level visits between the two countries.
Trindade also pointed out the boost in people-to-people exchanges thanks to Australia’s inclusion in China’s visa-waiver programme. ‘These interactions will help both nations recover economically and strengthen our ties,’ he noted.
Portugal welcomes investment with open arms
Portugal, with its National Pavilion launched at CIFTIS for the first time, is rolling out red carpet for foreign investment, according to Nuno Lima Leite, Managing Director for China and Economic and Commercial Counsellor of the Portuguese Embassy in Beijing. Leite emphasised Portugal’s openness to investors from around 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,’ said Leite, stressing Portugal’s reputation as a non-discriminatory destination. With its strategic location in Europe and membership in the European Union, Portugal has long been a magnet for international investment, particularly in renewable energy, infrastructure, and tech sectors.
Leite highlighted growing interest from Chinese companies, especially in the energy and automotive industries. He sees CIFTIS as a springboard for even deeper collaboration in key sectors like green energy and digital services. ‘We’re looking for partnerships that align with our vision for innovation and sustainable development,’ he added.
Cyprus Highlights Deepening Ties with China
For Cyprus, the focus is on solidifying long-standing trade and educational ties with China. Petros Petrou, Commercial Counsellor of the Cyprus Embassy in Beijing, underscored the depth of the relationship between the two nations, noting the strong foundation of regular diplomatic exchanges and expanding trade cooperation.
‘Cyprus has
been actively participating in China’s major trade fairs these years,’ Petrou said in an interview with China Economic Net. ‘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.’
CIFTIS driving global economic growth
Since its debut in 2012, CIFTIS has grown into a leading platform for international trade in services, drawing more than 900,000 attendees from 197 countries and regions over the past decade.
As the 2024 event gets underway, it continues to be a key force in driving global economic growth. With countries from all over the world fully engaged, CIFTIS underscores the growing importance of service trade in fostering global prosperity and unlocking new investment opportunities worldwide.
Source: Emirates News Agency