Source: China Daily    Published: 2015-11-25

The Belt and Road Initiative is poised to help Chinese companies increase business with Central and Eastern European countries.

The companies are looking to establish more quality manufacturing facilities, infrastructure projects and research and development centers in these European nations - seeking a larger foothold in a lucrative market.

The Belt and Road Initiative, proposed by President Xi Jinping in 2013, aims to build a Silk Road Economic Belt and 21st Century Maritime Silk Road.

The plan is to form a trade and infrastructure network that will connect about 4.4 billion people in more than 60 countries and regions.

Many of these opportunities come from growing demand in Central and Eastern European countries to upgrade their industrial structures and improve infrastructure projects.

This is especially the case in fast-growing markets including the Czech Republic, Hungary, Poland and Slovakia.

Zhou Xiaoyan, director-general of European affairs at the Ministry of Commerce, said, "China has become more open to these fast-growing markets.

"It wants to deepen its integration into specific regional economies while promoting the development of the countries involved with various projects."

In December, China, Serbia, Hungary and Macedonia agreed to build a land-sea express route linking a Greek port and landlocked Hungary to speed up transportation between China and Europe.

Chinese white goods manufacturer Haier Group, based in Shandong province, wants to increase its sales in Central and Eastern Europe by extending its product range to include consumer electronics and energy management systems.

With more than 500 employees in Europe, Yannick Fierling, chief executive officer of Haier Europe, said Central and Eastern European markets are strategically important for the company. These markets are mature with a heavy concentration of top brands of white goods from Western Europe and the United States, pushing Haier to be more innovative and competitive, Fierling said.

"With the increased momentum of the Belt and Road Initiative, we will be able to expand into consumer electronics and energy management systems, such as solar panels and heat pumps, in the Central and Eastern European market."