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China Investment Promotion Agency opens in Budapest

An office of the China Investment Promotion Agency (CIPA) opened in Budapest in February, a few months later than expected, the business daily Világgazdaság reported on Thursday.

Csaba Wolf, who serves as the economic advisor at Hungary's embassy in China, attributed the delay in the opening of the CIPA office to an expansion of its originally planned duties to include coordination of investment-promotion activities throughout the European Union, not just Hungary.

MTI reported in May 2009 that China picked Hungary as the location for the CIPA office due to the country's central geographical location and skilled workforce, direct flights between Budapest and Beijing and the fact that Hungary is the only country in central and eastern Europe where the Bank of China is present.

China has invested $600 million-$800 million in Hungarian companies, mainly in the areas of information and communications technology, electronics, telecommunications and research and development. Some 5,000 Chinese companies operate in Hungary, including many multinationals. (MTI-ECONEWS)