Dialogue on Jiangsu Enterprises Entering ASEAN opens online and onsite

The Dialogue on Jiangsu Enterprises Entering ASEAN- Opportunities and Challenges under the Background of RCEP took place with an online-onsite hybrid format on September 20.

Representatives from Chinese mission to ASEAN, embassies and consulates of ASEAN countries in Shanghai, trade and investment promotion agencies, universities, enterprises and legal professionals held discussions under the theme of “Sharing Opportunities for Integrated Development”.

The Regional Comprehensive Economic Partnership (RCEP) agreement, the world’s largest free trade agreement, provides a vast market and opportunities for Chinese enterprises to “go global”. As of June 2022, Jiangsu had established 1,437 overseas enterprises and institutions in ASEAN with a planned investment of $16.6 billion, accounting for 18.1% of the province’s outbound investment. ASEAN has become an important hub in the global industrial supply chain.

New mechanisms and platforms have boosted the friendly exchanges and cooperation between Jiangsu and ASEAN, which have fostered 11 sister-city ties and 16 friendship-city relationships across ten Southeast Asian states.

Xiong Jie, vice-chairman of the Jiangsu Provincial Federation of Industry and Commerce, hailed remarkable achievements made by private enterprises in foreign cooperation. He said overseas industrial parks and chambers of commerce have played an important role in building mutually beneficial partnership and promoting the integrated development of the supply chain.

In the meeting, participants agreed that it’s important to make good use of the RCEP agreement, maintain close communication with the competent authorities, pay attention to risk prevention and control, and actively safeguard the legal rights and interests.

Chen Fayun, partner of Grandall Law Firm, called for enterprises to enhance the awareness of legal risks and conduct due diligence in partner selection, project feasibility study and compliance issues.

Zhang Chao, director of the Development and Research Department of the Jiangsu sub-council of the China Council for the Promotion of International Trade (CCPIT Jiangsu), also said enterprises exploring ASEAN markets should not only take advantage of Jiangsu’s overseas industrial parks but also focus on cooperation with ASEAN as well as third-party enterprises in Europe and the US.