Greek elevator company expands investment in China

02:15

China and Greece have seen steady growth in bilateral business exchanges in recent years. In eastern China's Jiangsu Province, an elevator business, one of Greece's largest investment projects in China, is booming.

This high-end, customized Greek lift company KLEEMANN has accounted for its rapid growth to the potential of elevator industry in China.

"China on its own is 65 percent of the global market. So, it's very important for every elevator company to have establishment here," said Ioannis Ververidis, the company's Asia Pacific commercial director.

The Greek lift company KLEEMANN set up its major branch in eastern China's city of Kunshan, Jiangsu Province. CGTN photo

The company started business in China in 2011 in the city of Kunshan, Jiangsu Province.

Back then, its annual revenue totaled less than one million U.S. dollars. Today, that figure tops 15 million U.S. dollars.

The company credits the support it has received from the local government, the good geographic location, and China's high market value.

These key factors are driving the company to expand its business in China.

In 2016, the company decided to invest another 15 million dollars to build new assembly lines in Kunshan.

And the new factory officially opened on November 3 – with the Greek prime minister attending the opening ceremony on the sideline of China's second International Import Expo in Shanghai.

Greek Prime Minister Kyriakos Mitsotakis attended an opening ceremony of new factory of KLEEMANN in Jiangsu Province, China. /KLEEMANN Photo

Company executives are optimistic about the future in China.

"The opportunity is big. This is why we came to this factory in order to increase our capacity," said Ioannis Iosifidis, the company's China operation director.

And Len Luo, KLEEMANN's China director said as both countries deepen their ties, the communications and the expansion of business models are getting stronger and better.

"We are optimistic about the long-term development of KLEEMANN and other Greek companies in China," he said.

About 65 Greek companies attended the second China International Import Expo in Shanghai, looking for business and investment opportunities.

This, amid an atmosphere of enhanced collaboration between the two countries – after both governments signed a memorandum of understanding last year to advance China's Belt and Road Initiative.

And some of those companies may well be looking at KLEEMANN – as an example of the type of success foreign firms can achieve here in China.