China's strengthening business ties with Central and Eastern European countries (CEEC) are set to yield long-term advantages for both sides, fostering new dynamics in multilateral cooperation, sustainable growth, and the Belt and Road Initiative. This sentiment was expressed by various government officials and business leaders at the fourth China-CEEC Expo, currently underway in Ningbo, Zhejiang province. They underscored the critical need to enhance cooperation across trade, investment, and innovation.

The expo serves as a pivotal platform for showcasing notable products from the CEEC region, while significantly boosting imports and promoting bilateral investments between China and these countries, as outlined by the Ministry of Commerce. Among the attendees is Matevz Frangez, state secretary from Slovenia’s Ministry of the Economy, who leads a delegation of 25 companies aimed at exploring opportunities across sectors including high-tech, food and beverage, smart manufacturing, and tourism.

During the expo, Slovenia was celebrated as the Guest of Honor, with Frangez noting the potential for deeper engagement with China. He highlighted promising avenues for collaboration in sectors such as automotive, pharmaceuticals, food and wine, tourism, sports, and port logistics. Frangez affirmed Slovenia's backing for clear international trade regulations and the necessity of reforming the World Trade Organization to cater to contemporary global dynamics.

Similarly, Richard Rasi, chairman of the Slovak National Council, indicated Slovakia's intent to not only import goods from China but also to amplify the presence of its own products and technologies in the Chinese market. Rasi reinforced the commitment to enhancing bilateral trade and providing support for small and medium-sized enterprises to thrive in a competitive landscape.

Recent data from the General Administration of Customs reveals that trade between China and the CEEC reached a substantial $142.3 billion in 2024, marking a 6.3 percent increase compared to the previous year and surpassing China's overall foreign trade growth rate. This upward trend continued into the early months of the current year, with bilateral trade rising 5.6 percent year-on-year to 329.68 billion yuan.

In terms of exports, China primarily supplies CEEC with construction machinery, computers, and textiles, alongside a range of advanced products including smartphones and electric vehicles. On the flip side, CEEC exports to China encompass agricultural products like wine and dairy, along with industrial goods such as copper, iron ore, and medical equipment.

The fourth China-CEEC Expo, spanning 80,000 square meters, serves as a critical venue for displaying cutting-edge technologies and fostering international business relationships. The newly introduced 'Smart CEEC' section features nearly 100 state-of-the-art technologies from both sides, centering on artificial intelligence and robotics.

Lin Meng, director at the Modern Supply Chain Research Institute, asserted that both parties are investing heavily in regional connectivity and industries like modern agriculture, positioning themselves as strong advocates for a multilateral trading framework. She pointed out the vast potential for collaboration in industrial coordination, infrastructure, and cross-border e-commerce, given their complementary capabilities.

In terms of investment, China's direct investments in the CEEC exceeded $24 billion as of early May, with compelling leadership from companies in electric vehicles and battery sectors. For instance, Chinese manufacturer BYD recently inaugurated its European headquarters in Budapest, aimed at enhancing collaboration on advanced technologies and job creation in the region.

Further highlighting the growing economic interconnections, Ningbo Ruyi Joint Stock Co Ltd is currently ramping up production on new energy forklifts intended for a logistics hub in Budapest. The firm has noted a surge in demand for green logistics equipment, with a notable 28.6 percent increase in exports to CEEC in early 2023, driven by its innovative lithium-powered products. As these collaborations unfold, the gateway cities between China and the CEEC continue to evolve into vital connections in the broader landscape of international trade.