Textile and apparel firms in China's Xinjiang Uyghur Autonomous Region are actively seeking opportunities in neighbouring countries in Asia and Europe at the ongoing 5th China-EuroAsia Expo which is being held in the region's capital Urumqi. Around 121 companies of Xinjiang are participating in this year's expo. Many textile and fabric products such as Idili silk, Hotan carpets and camel's hair textiles produced in Xinjiang are being presented in the five-day expo.
Nearly 12 foreign companies including some from Russia, Pakistan and Kazakhstan have shown strong interest in cooperation. Some business representatives from companies in neighbouring countries are participating in the expo especially because of the garments and carpets produced in Xinjiang.
As the company continues to grow, Yutai is carving out opportunities to expand into Asia and European countries. The company had signed agreements worth $3.15 million with foreign companies. The increase in opportunities to do business with Asian and European countries is fueled by Xinjiang's geographic location along the Belt and Road initiative and preferential government policies, industry players claimed. It is said that the time and cost of deliveries have shrunk a lot thanks to cross-border basic infrastructure building.
In line with the Belt and Road initiative, the Xinjiang government has rolled out a series of measures including credit support and electricity subsidies, in a bid to prompt industry development. The textile industry in Xinjiang has seen rapid growth in the last two years. In 2015, its total fixed-assets value stood at 31.79 billion yuan, up 231 per cent year-on-year, it has been reported. The labour-intensive textile industry has provided many job opportunities in Xinjiang, it has been reported. For example, 382 new textile firms emerged in 2015, creating a total of 97,000 jobs, said the report.