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Free trade zone on China-Kazakhstan border sees booming business

China

China

China

Free trade zone on China-Kazakhstan border sees booming business

2024-10-16 07:53 Last Updated At:18:07

Located on the China-Kazakhstan border, the Horgos International Border Cooperation Center has witnessed booming business as it continues to attract buyers, live-streamers and tourists from both sides since it was launched in 2012.

It is also the first cross-border economic cooperation zone that China has established with other countries.

Customers can buy duty-free products at a wholesale market in the center, but they cannot splurge, as the discounts depend on the weight of the goods. For each person, the duty-free allowance is 25 kilograms per month.

Many shops, therefore, have prepared vacuum-packing machines to help customers weigh the goods they plan to buy.

Shuttle bus services are provided daily to transport buyers from Kazakhstan to purchase a wide variety of high-quality goods.

"This time we are here to buy bedding sets and clothes. The quality of the products here is quite good, and we bought over 300,000 Kazakh tenge (around 617.53 U.S. dollars) worth of goods," said a buyer from Kazakhstan.

A number of shops at the wholesale market has hired foreign live-streamers to help sell products.

"We earn an average of 15,000 Kazakh tenge (around 30.88 U.S. dollars) per day, so many people from Kazakhstan would like to work here," said a live-streamer from Kazakhstan.

Straddling the China-Kazakhstan border, the center has become a popular tourist destination. In the first half of this year, it recorded over 2.72 million visits, up 113 percent from the same period last year.

The China-Kazakhstan mutual visa exemption agreement taking effect last year has further consolidated this tourism boom, as self-driving tours and group tours bring more tourists in and out of the border. Each domestic tourist can enjoy a duty-free allowance of 8,000 yuan (1,124.69 U.S. dollars) per day at the duty-free shops in the center.

"Of all the tourists visiting the shop, domestic tourists account for 80 to 90 percent. The shop's sales reach an average of 1.5 million yuan (around 210,762.9 U.S. dollars) per month from May till now. The goods are directly imported from Europe or transported by China-Europe freight trains," said Zhang Hongying, manager of a duty free shop in the center.

Taking advantage of its unique geographical location and favorable policies, the center has become a testing ground for connectivity between Eurasian countries, a popular tourist destination, and a must-visit shopping spot, said an official from the center.

From January to August this year, the total trade value of goods entering the center from China reached 3.2 billion yuan (about 449.79 million U.S. dollars).

Free trade zone on China-Kazakhstan border sees booming business

Free trade zone on China-Kazakhstan border sees booming business

Commercial activities in the southern Iran port city of Bandar Abbas, which sits on the crucial shipping waterway of the Strait of Hormuz, have largely come to a standstill following several days of intense strikes.

Video footage from the city on Wednesday showed mostly deserted streets, as various businesses, including seafood markets and shopping centers, have suspended operations.

Despite the widespread disruption, essential services have continued to function in Bandar Abbas, with chain supermarkets and fruit and vegetable markets remaining open, providing supplies of basic necessities to residents.

The city holds a significant strategic coastal location on the narrow passageway of the Strait of Hormuz, which has drawn global attention after Iran warned it could disrupt transit through this vital waterway in retaliation for U.S.-Israeli strikes.

The developments have sent shockwaves through international markets, particularly as around 20 percent of global oil shipments pass through this critical strait.

Iran said on Wednesday that over 1,000 people have now been killed in the country since U.S.-Israeli strikes began on Saturday.

In a statement published on its official website, Iran's Foundation of Martyrs and Veteran Affairs described the strikes as "aggressive and brutal."

Joint U.S.-Israeli attacks on Tehran and several other Iranian cities starting Saturday morning have resulted in the deaths of Iran's Supreme Leader Ali Khamenei, his family members, top military commanders, and civilians. Iran has since responded with multiple waves of missile and drone attacks targeting Israel and U.S. assets across the region.

Key Iranian port city on Strait of Hormuz comes to standstill with commercial areas closed

Key Iranian port city on Strait of Hormuz comes to standstill with commercial areas closed

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