(MENAFN- Gulf Times) The sudden devaluation of the yuan has not affected the interest of top-billed Chinese companies set to participate in Qatar Chamber's "Made in China" expo slated this December in Doha, an official said.
Last week, the People's Bank of China (PBoC) reset the yuan's exchange rate, allowing it to fall roughly 3.5% against the US dollar. According to analysts, the move aims to abate volatility in the Chinese stock market and to reinforce the renminbi as a formal reserve currency.
The yuan's devaluation, however, has not dampened the interest of around 150 big-ticket Chinese companies that have already confirmed their participation, said Gavin, general manager of Qatari-owned AJ Exhibition & Events, Qatar Chamber's partner and contractor for the "Made in China" expo.
Speaking to Gulf Times yesterday, Gavin said more than 200 Chinese companies are expected to showcase world-class products and services during the event, which set to be held from December 14 to 16 at the Doha Exhibition and Convention Centre.
Since April this year, Gavin said AJ Exhibition & Events has brought more than 300 Chinese businessmen to Qatar to meet up with their Qatari counterparts and explore a range of business opportunities.
He said top construction companies are set to visit Qatar this coming October. Previously, eight top Chinese construction firms visited Qatar and were impressed with the infrastructure developments at Lusail City project, Gavin added.
"Because of these ongoing developments, many Chinese companies are decided to enter the Qatar market officially. Qatar has a lot of projects and if they need investors, China is ready; many Chinese businessmen also want to invest in Qatar by financing projects," he said.
Gavin noted that there is a need to intensify the business promotion of the local Qatari market in China as many cities and provinces have yet to learn about economic opportunities in Qatar.
He said the Chinese government is encouraging its companies "to go global" and promote quality products to other countries.
"Global means our companies produce their own brands, rather than being a third-party that is outsourced by another country to manufacture a particular product. China is known for manufacturing a range of high-end products and luxury brands for many international companies. We want to create our own brand using the same technology and world-class quality," Gavin said.
He added: "Qatar Chamber has done a lot to support this idea and make this event possible. Since the press launching of the event in Doha last April, acting director general Saleh Hamad al-Sharqi has been to China several times this year to meet with many Chinese companies."
During the expo, Gavin said major Chinese companies will showcase smart cities solutions, infrastructure for smart homes, and intelligent building solutions, as well as ICT and electronics products.
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