(Yicai Global) Sept. 17 -- Longrich, a Chinese cosmetics manufacturer, has unveiled plans to expand across multiple continents by following the route for the Belt and Road Initiative.
The Jiangsu-based firm revealed the international strategy at the 2018 Longrich International Annual Summit on Sept. 15, an event that attracted nearly 1,000 partners from more than 30 countries and saw deals signed with Kenya, Uganda, Tanzania and other nations.
The expansion plan will match up neatly with China's Belt and Road strategy, a 30- to 40-year infrastructure and trade plan devised by President Xi Jinping in 2013, to link multiple continents via road, rail, pipes and seas.
Longrich aims to grow beside the route by setting up a number of trade hubs along the way. It will build centers in Russia and Kazakhstan to aid expansion into Asia and Europe, in Malaysia, Indonesia and the Philippines to move into Southeast Asia and Oceania, in South Africa and Nigeria for Africa, and in the United States for the Americas.
The firm has been exporting its snake oil cosmetics since 1990, and decided in 2010 to further its international business by using overseas capital to set up joint ventures abroad.