OVC sees significant growth in foreign trade in first seven months

In the first seven months of this year, the total import and export value of the Wuhan East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) surpassed 1 trillion yuan ($13.94 billion), representing half of Wuhan's total and nearly one-third of Hubei province's total. During this period, 74 businesses in the zone entered foreign markets for the first time.

The Wuhan East Lake High-tech Development Zone. [Photo/WeChat account of Optics Valley of China]

While new companies are entering the global market, existing leading enterprises are also strengthening their overseas efforts. According to relevant authorities, over 1,000 foreign trade companies in OVC achieved significant growth, with the foreign trade value of key players like TCL and Lenovo Wuhan increasing by more than 20 percent.

"The fact that enterprises are actively seeking overseas expansion demonstrates both their own development aspirations and the favorable business environment and foreign trade ecosystem of OVC. Abundant resources and support help them approach the global market with a more open mindset," said Chen Bo, director of the Optical Valley Institute for Free Trade.

The Optics Valley Aviation Super Logistics Center. [Photo/WeChat account of Optics Valley of China]

Since 2023, OVC has secured approval for the establishment of two new comprehensive provincial foreign trade service centers, bringing the total number to three. In the first half of the year, over 20 enterprises seeking to enter international markets benefited from these foreign trade services. 

On Aug 7, 2024, the Optics Valley Aviation Super Logistics Center commenced operations with the departure of the first batch of cross-border e-commerce goods from Ezhou Huahu International Airport to the Philippines and Kuwait.

This means OVC's foreign trade enterprises can now efficiently handle the entire air freight import and export process without leaving the zone, eliminating the need to transport goods to the airport.