Hungary opens trade center in Shanghai

Hungarian Minister of Foreign Affairs and Trade Péter Szíjjártó opened a Hungarian trade center in Shanghai, China.

"Hungary has realized in good time that the Chinese market offers huge possibilities to quality Hungarian goods and services," Minister Szíjjártó said at the opening ceremony. He said China is no longer only a destination for Western capital looking for cheap labor in the East, but major multinationals from the Far East are increasingly present in Europe and North America.

He said there is continuous jostling for market share in China and the new, 1,700 square meter Hungarian trade center primarily serves that purpose. Last year Hungarian exports to China reached a new all-time high of US$2.7 billion (EUR 2.37 billion).

Minister Szíjjártó said Hungary also plans to open similar trade centers in six further Chinese cities with populations over 10 million. He also said that China continues to show interest in investing in Hungary. During his visit an agreement with a major Chinese automotive industry firm has been reached over a US$110 million investment in Eastern Hungary. The name of the company and the Hungarian location will be announced shortly, he said.

Title image: Opening of the Hungarian trade center in Shanghai, China. Left to right: Gábor Ligetfalvi, Péter Szíjjártó and Kuo Yen-Hua. MTI/Mitko Sztojcsev

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