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China’s $1.6 Billion Dragon Mart Set to Open in Cancun

13 June, 2013

According to China Daily,Dragon Mart is ‘set to open in Cancun,Mexico,’ and will provide a whole new opportunity for Chinese investors and a variety of other international traders to access the Latin American market. Sponsored by the Ministry of Commerce and Mexico’s federal government,construction on the project began in 2012. When complete,Dragon Mart Cancun will be the largest platform in the region for trading Chinese goods and a variety of other international wares.

“The mart will be beneficial to the development of the local economy and for the expansion of business for other international traders,” stated Yu Yanqing,President of Chengkai Beijing (Investment) Co. Ltd.,which is one of Dragon Mart’s main investors. “We are planning to adjust the operating strategy by diversifying our business sectors. Products from international merchants from the United States,Japan and South Korea will account for no less than 30 percent of the total goods sold at the mart.”

Dragon Mart will require at least a $1.6 billion total investment in Cancun upon completion and is actually a joint development venture between Chinamex Middle East Investment & Trade Promotion Center Co.,Ltd.,Chengkai (Beijing) Investment Co.,Ltd.,and New Rainbow (China) Limited.

The list of Chinese goods sold at the Dragon Mart will include agricultural products,appliances,construction materials,medical supplies,furniture,hotel supplies,household items,lamps and lights,sundries and textiles. In addition,the expo center will provide a wide range of services and different types of businesses tailored to suit the demands of economic development within the region. This includes the local tourism and environmental sectors,as well as a wide variety of international businesses.

“Most of Mexico’s imports come from Japan,India,South Korea and the U.S.,which can cost about three to five times more than Chinese goods,” stated Hao Feng,chairman at Chinamex.

Dragon Mart Cancun is only the second dragon mart to open outside of China,the first being in a highly successful venture that opened in Dubai in 2004. The Chinese government will retain a 40 percent stake in the project,followed by the Mexican and U.S. governments,which will each have a 30 percent stake. Upon completion,the facility will take up more than 280,000 square meters of space,housing a shopping area,warehouse space and residential communities.