Hungary goes to China to boost economic ties

Pharma

Chinese imports to Hungary amounted to some €3.75 billion, 21.6% up on 2006. But Hungary has an ambitious plan to expand its role, positioning itself as a gateway for Chinese products to the European markets, and last year signed a contract on a major center in Budapest aimed at facilitating this.

The China Brand Trade Center based in and around the existing Asia Center and China Mart in northeast Budapest, aims to provide office space for up to 2,000 Chinese firms looking to gain a foothold in Europe. Around 200 companies have set up shop there, and the center is expected to be expanded to 200,000 square meters by around 2010. The second section of a tour of China designed to persuade investors from the economic superpower to put their money into Hungary got underway on April 6, the Hungarian Investment and Trade Development Agency said.

The “Hungarian Season” tour, which has already visited Beijing, will stop in the provincial cities of Lanzhou, Chengdu and Qingdao over the next five days, the agency said. Until recently, the Asia-Center trade center was the primary organization offering a concentration of Asian goods was the first in Central Europe to recognize the economic opportunities in the co-operations between Asia and Europe. It had also organized numerous events to build bridge between the cultures and businessmen of the two continents. The Asia-Center was established in 2003 and was first start to work up business units and Trade Promotion Organizations (TPO’s).

The first five years of activities of the Asia-Center proved to be successful. Some 500 easter European companies, usually registered from Transylvania, Slovakia, the Czech Republic and South-Poland, have been working in the centre, with the demand constantly flaring. Top officials from various Asian states have repeatedly attended the centre since 2003. Hosting the China Brand Trade Center will give further boost to the development of the region trade hub. (New Europe)

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

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.