Varga Meets With Chinese Business Leaders

Int’l Relations

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Finance Minister Mihály Varga met with executives of China Merchants Group, Sinotrans, and Cecz Group in Budapest on Friday, his ministry said, according to a report by state news wire MTI.

The sides discussed new logistics investments that could make Hungary a regional air cargo hub for Chinese goods, Varga said.

"The Eastern Opening policy, low taxes, the skilled Hungarian labor force as well as Hungary's developed infrastructure and geographical location continue to make the country an attractive investment target for Chinese companies," he said.

He noted that Cecz Group was building a smart warehouse in Vac, on the outskirts of the capital, that would operate with 700 robots and a 150 m-long conveyer belt, while creating 210 jobs.

Bilateral ties are also strengthening in the area of financial cooperation, he said, pointing to decisions to establish a presence in Hungary for Bank of China, China Construction Bank, and China Development Bank.

Bilateral trade between Hungary and China rose 6% to USD 13 billion last year, Varga noted.

China Merchants Group established China's first international industrial park, Sinotrans is one of the biggest players on the global freight forwarding market, and Cecz Group plays a "bridging role" between China and Hungary in the coordination of the two countries' trade and logistics activities, the ministry said.

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