Hungary signs agreement with Chinese province

Automotive

Hungary signed a framework economic cooperation agreement with the Chinese province of Jilin, Economy Ministry state secretary Sándor Burány said.

Burány signed the agreement together with deputy governor of Jilin Chen Weigen.

Burány said much is expected from the agreement with Jilin, which plans to boost output of the regional vehicle assembly industry from an annual 1 million to 2 million units in the near future. Hungary's exports to the province - mostly car engines - are already worth hundreds of millions of dollars a year, but it is hoped the agreement will boost this figure, he added.

Bilateral trade between Hungary and China more than doubled between 2004 and 2007, figures from the Central Statistics Office (KSH) show. Bilateral trade between Hungary and Jilin reached almost $10 billion by the end of 2007.

The biggest share of Hungary's exports to China go to Jilin, Burány said. Last year these exports were worth more than $500 million. Many of the exports are from multinationals with bases in Hungary, such as Audi, Philips, Siemens, IBM and Nokia. (MTI – Econews)

ADVERTISEMENT

Wolf Theiss Advises Uniper on Sale of Gas Power Plant to Veo... Analysis

Wolf Theiss Advises Uniper on Sale of Gas Power Plant to Veo...

Fidesz-KDNP Nominates Constitutional Court Head for Presiden... Government

Fidesz-KDNP Nominates Constitutional Court Head for Presiden...

New Tenants Moving Into Wing’s Liberty Building This Summer Office Market

New Tenants Moving Into Wing’s Liberty Building This Summer

Number of Chinese Tourists in Hungary Quadruples From Pre-CO... Tourism

Number of Chinese Tourists in Hungary Quadruples From Pre-CO...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.