Aqeel Ahmed Chaudhry, has seized the opportunity to expand his brand’s presence in China’s increasingly competitive jewellery market at the Hainan International Convention and Exhibition Centre during the third China International Consumer Products Expo (CICPE).
The expo has attracted over 3,300 brands from 65 countries and regions to share the dividends of the world’s second-largest consumer market. Scheduled from April 10 to April 15, the third CICPE, or Hainan Expo, is being held in Haikou, Hainan in China. Living in China for over a decade, Chaudhry launched WINZA Jewelry in Shanghai’s glitzy business district, giving him a competitive edge in the market. With retail sales of consumer goods in China exceeding 40 trillion (about $5.81 trillion) in 2019 and hitting 44 trillion in 2022, more than double the 2012 figure, said Xu Xingfeng, director of the Ministry of Commerce (MOC)’s consumption promotion department.
To tap into the market’s potential, Chaudhry signed agreements with Zhuhai Duty Free Enterprises Group Co., Ltd. (Zhuhai Duty Free) and Hainan Tourism Investment Duty Free Co., Ltd. (HTDF), to capitalise on the opportunity of off-shore duty-free shopping in Hainan. “We open a retail store in Zhuhai Duty Free complex, which is expected to be completed by 2025,” Chaudhry told the China Economic Net. Additionally, a three-year agreement was signed with HTDF at the third CICPE to boost the brand’s offshore duty-free sales.
The Pakistani entrepreneur mentioned that he has already registered a company in Sanya to prepare for the Hainan free trade port (FTP), which is scheduled to initiate independent customs operations throughout the whole island by the end of 2025. With this in mind, Chaudhry plans to process imported raw stones in Hainan and train local technicians, making the price of products more advantageous whether they are sold duty-free on the island or duty-paid outside Hainan.
Hainan has made significant strides in building itself a highlevel free trade port over the past five years, aiming to build its largest tropical island into a globally influential and high-level FTP by the middle of the century. As one of the country’s major opening-up measures in the new era, China announced a decision to support Hainan in developing the whole island into a pilot free trade zone and gradually exploring and steadily promoting the establishment of a free trade port with Chinese characteristics in April 2018. Foreign business leaders and exhibitors, including those who come from Pakistan, have voiced hope for expanding their presence in the Chinese market at the Hainan Expo.
Chaudhry believes that his brand’s presence in China will continue to grow. “I am paying close attention to the latest policies,” Chaudhry said, emphasising his commitment to expanding his business in China. Chaudhry’s story is one of many at the Hainan Expo, highlighting the potential of China’s market and the opportunities it offers to entrepreneurs. As China continues to grow, entrepreneurs from around the world will look to the country to expand their business and tap into its vast potential.
THE ARTICLE ORIGINALLY APPEARED ON THE CHINA ECONOMIC NET