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News> Import

US company sees great opportunities in China's national agenda

Jennifer

2018-10-31

US software-industrial company Honeywell sees great growth opportunities in China's national agenda including innovation-driven industrial upgrading and green development, said a senior executive of the company.

The China International Import Expo (CIIE), to be held in Shanghai on Nov 5-10, offers "a good opportunity for global companies to strengthen cooperation with China," said Shane Tedjarati, president of Honeywell Global High Growth Regions, in a recent interview with Xinhua.

The CIIE, the first-ever Chinese fair focusing exclusively on imported goods and services, draws over 2,800 companies from over 130 countries and regions.

China is expected to import $10 trillion worth of goods and services in the next five years, which will bring lots of opportunities for global companies.

"Through the CIIE, Honeywell will introduce a series of hi-tech connected technologies to support China's booming digital economy," Tedjarati said.

During the upcoming expo, Honeywell Booth will sit at the High-end Intelligent Equipment Hall in Shanghai's National Exhibition and Convention Center. Honeywell's brand-new connected supply chain solution Connected Freight will come to the Chinese market for the first time, said Tedjarati.

The solution can provide real-time information about the location and condition of critical freight while in transit. With it, shippers and logistics companies will have unprecedented ability to monitor shipments of high-value and perishable goods, which could help prevent costly damage and loss, according to Tedjarati.

Logistics has become one of China's pillar industries. According to the China Federation of Logistics and Purchasing, by 2025, the size of the smart logistics market will exceed 1 trillion yuan ($143.8 billion).

At the CIIE, Honeywell will also have some signings with Chinese customers, said Tedjarati.

Honeywell, a Fortune 100 company, has a long history in China, dating back to 1935 when it established the first sales franchise in Shanghai. Over the past decade, the company has witnessed rapid development in China.

China is the largest market for Honeywell outside the United States and it is also the biggest contributor to Honeywell's growth, Tedjarati said. The company now employs about 13,000 people in more than 30 cities across China. About 20 percent are scientists and engineers.

Earlier in 2017, Honeywell set up Connected Enterprise business in China, the only regional team beyond the US market.

"This testifies to the importance Honeywell has attached to and the confidence it has in the Chinese digital economy development," Tedjarati said.

In recent years, China has undergone an amazing digital revolution, which is transforming the way people live and work with exciting new technologies that connect each other and incorporate software and data in new ways in the country.

As a hi-tech industrial company, Honeywell is evolving into a software industrial company, which is "very aligned with" China's Internet Plus strategy, Tedjarati said.

China's efforts to improve its environment and build a "beautiful China" bring huge opportunities for companies like Honeywell too, he said.

"More than 50 percent of Honeywell's portfolio delivers energy efficiency. With more than 100 years of commitment and experience in sustainability and energy conservation, Honeywell can support China's industrial upgrading and help Chinese businesses speed up the transition and improve energy efficiency."

 
Source: Echemi
Disclaimer: Echemi reserves the right of final explanation and revision for all the information.

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