(Yicai) Nov. 6 -- Executives of foreign companies, including tire supplier Michelin Group and German drugmaker Boehringer Ingelheim, attending the sixth China International Import Expo in Shanghai have expressed their optimism about the Chinese market.

The strong growth of the new energy vehicle and other sustainable industries in China provides huge business opportunities, and Michelin will increase its investment in research and development to become more sustainable, Chief Executive Officer Florent Menegaux said. Michelin showcased tires made of 63 percent sustainable materials at the CIIE.

Guests from 154 countries and 3,400 exhibitors are expected to attend this year’s CIIE, which will be held from yesterday to Nov. 10.

Boehringer regards China as a key market and a new innovation hub and sees opportunities for innovation and digitalization here, said Pavol Dobrocky, president and CEO of the company’s Chinese branch.

Boehringer accelerated its R&D and innovation in China and will invest an additional CNY4 billion (USD549.8 million) in the country in the next five years, thanks to the spillover effect of the CIIE and China’s accelerated approval of new drugs, he added.

China is a crucial market, and Lesaffre Group will continue to increase its investment in the country amid fluctuations in the global economic cycle, Brice-Audren Riché, chief executive of the leading yeast maker, told Yicai at the opening ceremony of the CIIE. Riché also said he is always confident about the company’s long-term development in China.

Lesaffre has six production bases in China, mainly providing yeast and yeast extracts for the domestic and international markets.

Dole brought Philippine durian and papayas, which were recently approved for marketing in China, to the CIIE and will continue to bring more fruits into the Chinese market thanks to the Belt and Road Initiative and other related policies, said Makoto Sawanoi, president of the fruit company.

Dole has seven production bases in China and is considering increasing investment in the country, Sawanoi added.

Heraeus Group has settled in the CIIE’s special section for Low-Carbon Energy and Environmental Protection Technology, Executive Vice President Tore Prang said, adding that the German technology group has already signed up to attend the seventh CIIE.

The CIIE is an excellent platform for multinational enterprises to showcase new technologies and products, providing them with opportunities to connect, Prang noted.

Today, Heraeus Precious Metals will sign a supply agreement worth about CNY100 million (USD13.7 million) with Elkem Silicones.

Editor: Futura Costaglione