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Hungary signs agreement with Chinese province

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)