ADVERTISEMENT

Chinese deal signed at Hungarian Export Day

Int’l Relations

Government officials and captains of commerce, along with the Chinese ambassador to Budapest, celebrated “Hungarian Export Day” on Monday with an extended trade deal between a Hungarian hi-tech parking provider and ZTE ITS, the traffic technology subsidiary of Chinese telecom ZTE.

Levente Magyar, minister of state for economic diplomacy at the Ministry of Foreign Affairs and Trade, speaking at the “Hungarian Export Day.” (Photo by EXIM)

Under the deal, EPS Global Zrt., a Budapest integrated parking solutions company, will provide the Chinese with an additional 90,000 “smart parking spaces.” Under an earlier contract, EPS Global already signed up to build and operate an initial 10,000 parking spaces for a period of 20 years for the Chinese city of Yangzhong.

While the full value of the deal was not released, it was backed with a HUF 1.5 billion financing package from the state-controlled EXIM Export Promotion Fund, according to a press release. The signing was the practical highlight of the conference, organized by the Hungarian Export-Import Bank (Eximbank), where a string of government and state officials lauded Hungary’s economic performance in general, and its relationship with China – the official Guest of Honor at the event – in particular.

Both the Hungarian economy and the country’s exports are performing at unprecedented levels, Levente Magyar, minister of state for economic diplomacy at the Ministry of Foreign Affairs and Trade, declared in the opening address. Within this, Hungary’s commercial relationship with the People’s Republic of China is “the most dynamically expanding” of all, he added.

The surge in commercial relations with China “has not occurred by accident, it’s the result of much hard work,” Magyar said, all resulting from a government decision in 2010 to boost bilateral relations with Asia’s largest economy.

“Since 2010, Hungarian exports to China have doubled. It is also positive news that, today, we have 50% more Hungarian companies exporting to China, and four-fifths of these companies – almost 800 in total – are small and medium-sized enterprises, which is welcome news,” he said.

The government is striving to expand Hungary’s SME involvement in export production still further, Magyar added.

ADVERTISEMENT

IMF raises Hungary 2021 GDP growth forecast to 7.6% Analysis

IMF raises Hungary 2021 GDP growth forecast to 7.6%

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic 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.