US$10 Million Procurement Deal: Qingpu Seals Shanghai's First Order at 9th CIIE

Shanghai's first deal at the 9th China International Import Expo was sealed today, involving a procurement order worth more than US$10 million.

The first purchase agreement of the Shanghai trading group at the expo was signed between Shanghai Kingfa Science and Technology Development Co Ltd, a high-tech advanced polymer materials manufacturer based in suburban Qingpu District, and South Korea's E1 Corporation, a listed subsidiary of LS Group.

The procurement deal mainly involves the import of low-temperature polypropylene, a core raw material for modified plastic which is widely used in new-energy vehicles, smart home appliances, electrical and electronic components, and engineering plastics, with a transaction value of US$120 million, according to Feng Zhongjie, deputy general manager of Kingfa's East China branch.

"It will support the rollout of our strategy and also facilitate the launch of our automotive material innovation and R&D project in East China," said Feng. "Moreover, the CIIE platform helps lay a solid foundation for Kingfa's international expansion, the development of new materials and automotive-grade materials, as well as our overseas operations."

"The agreement establishes a new long-term strategic supply partnership and the CIIE is a vital platform," he added. "Together with supporting resources in the Hongqiao Business District, it helps companies build international operations and global industrial deployment and supports the development of our new materials base in East China."

The Qingpu delegation delivered a string of milestone achievements on the opening day of the 9th CIIE, cementing the district's role as the permanent host of the global trade show.

It also issued opening-day first business license and first food operation permit during the event.