Press releases
| Budapest, 6 December 2011 |
| China Brand Trade Center further expands |
CBTC further expands its permanent exhibition in December. The 5th China Business Forum begins tomorrow, more than 50 Chinese companies debut at the European markets. The companies are representing diverse industries like automotive, renewable energy, construction, machinery, hardware, electronics, interior design and accessories, cosmetic and chemical industry, sport equipment, fashion and textile, and food industry. They will present their products and services on 2000 square metres. ...  |
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| 24 May 2011 |
| HUNGARY IS AN ATTRACTIVE INVESTMENT TARGET FOR THE CHINESE |
Hungary as an attractive investment location was presented on the IV. China Brands Exhibition and Business Forum held in AsiaCenter on 24 May 2011 as well. More and more people realize the opportunities in the trade relations with Far-Eastern countries after the strengthening of Chinese relations – one traditional program for that is China Brands Exhibition and Business Forum which intends to introduce real Chinese brands for businessmen from Hungary and Central and Eastern Europe. ... |
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| 1 April 2011 |
| AsiaCenter´s buildings are safe, do not believe the rumours! |
Baseless rumours on kidnappings in AsiaCenter turned up on social media websites and in some medium. The management of the trade center considers regrettable and unfair that AsiaCenter’s name was replaced in the chain letter as well, thus influencing the social reputation of the Asian communities living in Hungary baseless and harmful. ... |
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| 23 November 2010 |
| Fashion show and business opportunities on Mongolian Cashmere Day |
Mongolia´s leading cashmere exporter was the guest on Mongolian Cashmere Day organized on 23rd November 2010 in AsiaCenter. After the greeting speech of Erdenechimeg Omboosuren, deputy Ambassador of Mongolia, the Mongolian Trade Center located in AsiaCenter was introduced, which was followed by a show of Goyo company´s collection from premium Mongolian cashmere, camel hair and yak wool. ... |
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| 1 June 2010 |
| China Brand Business Forum in Budapest |
There are obvious results of the work done in the last half decade: AsiaCenter Budapest, which serves as a CEE-bridgehead for economies from Asia, especially for China, held the China Brand Business Forum on 1st June 2010. The Forum and the achieved arrangements served as a new important step towards opening the CBTC (China Brand Trade Center) this year, where European and Hungarian traders and wholesalers can order goods without travelling to China. ... |
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| 18. September 2009 |
| On the Way to Far-Eastern Europe |
Vietnam Trade Expo exhibition and fair has opened in AsiaCenter today. 25 exhibitors from the Far Eastern country are presenting their quality products on 1,000 sq m in the next three days. This event is an excellent occasion for the Vietnamese manufacturers and exporters visiting Hungary to survey business opportunities of the Central and Eastern European market, and also to meet their potential partners. ... |
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| Thursday, 16 April 2009 |
| Mobile bicycle stands for the Chinese-Hungarian school |
After the biker month and the exhibition on the history of bicycle held in May 2008, the biker friendly trade centre still keeps an eye on the cyclists. This time the management of the trade centre has donated bicycle stands to the Hungarian-Chinese Bilingual Elementary School. ... |
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| 30 March 2009 |
| Mongolian headquarters in CEE - Mongolian access through AsiaCenter |
One month after the Mongolian Traders Day and contact-making business forum held in AsiaCenter, some companies are near to the agreement with either of the Mongolian enterprises. The leader of the Mongolian Trade and Information Centre is optimistic in connection with the future of the agreements. ... |
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| 22 May 2008 |
| Giants of Asia - Conference and Workshop |
We see new economic superpowers rising in Asia: China is already a true giant and according to the forecasts India will also enjoy the same situation soon. These countries represent huge human potentials which are mostly untapped today. One more thing in common – amongst much diversity – is how they secure the elements of their tradition in business culture, which we have to take into consideration, because the economic performance of both countries can be observed very well in Europe and also in Hungary. ... |
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| 9th May, 2008 |
| Plans for expanding the cycle path network of 15th district |
AsiaCenter: a ’biker friendly’ trade centre
The fruitful cooperation that has been flourishing between AsiaCenter and the local government of 15th district has arrived to a new chapter: the trade centre helps to expand the district’s bicycle path network. The nice natural surroundings for a good bike ride are given in the district, only the infrastructural help is missing for people, to take a bike when they go to work, to school, or simply to the neighbouring shopping mall. By giving help to build cycle paths, AsiaCenter will become an easily accessible ‘biker friendly’ trade centre, as well. Special bicycles stands will be built out for bikers on the parking site, which will enable them to access the trade centre in an easier and safer way than before.
An official agreement will be signed between the municipality of 15th district and AsiaCenter, by the mayor of the district László Hajdu, and AsiaCenter CEO Rudolf Riedl, where AsiaCenter will assume to give all the professional and financial help to the district, to complete a feasibility study which is necessary for successful tendering for EU funds. This will help the citizens of the district to have the most proper infrastructure in order to safely enjoy their bike ride.
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| 7 March 2008 |
| Cultures meet in AsiaCenter |
AsiaCenter trade centre offering a concentration of Asian goods was the first in Central Europe to recognize the economic opportunities in the co-operations between Asia and Europe. Along the ‘Cultures meet’ slogan, it is glad to undertake the role of a bridge between the cultures and businessmen of the two continents. ... |
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Hungary – country information
GENERAL INFORMATION
Location: Central Eastern Europe
Official name: Republic of Hungary
Head of State: Mr. László Sólyom
Head of Government: Mr. Gordon Bajnai
Area: 93030 km2
Capital: Budapest
Largest towns: Debrecen, Miskolc, Szeged, Pécs, Győr
Time zone: GMT + 1 hour
Population: 9,956,108 (July 2007 est.)
Ethnic groups: Hungarian 92.3%, Roma 1.9%, other or unknown 5.8% (2001 census)
Religions: Roman Catholic 51.9%, Calvinist 15.9%, Lutheran 3%, Greek Catholic 2.6%, other Christian 1%, other or unspecified 11.1%, unaffiliated 14.5%
Climate: temperate; cold, cloudy, humid winters; warm summers
Geography: landlocked; strategic location astride main land routes between Western Europe and Balkan Peninsula as well as between Ukraine and Mediterranean basin; the north-south flowing Duna (Danube) and Tisza Rivers divide the country into three large regions
Terrain: mostly flat to rolling plains; hills and low mountains on the Slovakian border. Highest point: Kékes (1,014 meters). Lowest point: Tisza River 78 m
Main rivers and lakes: Danube, Tisza, Lake Balaton, Lake Velence
Natural resources: bauxite, coal, natural gas, fertile soils, arable land
Land use: arable land: 49.58%, permanent crops: 2.06%, other: 48.36% (2005)
Irrigated land: 2,300 sq km
Environment: large ongoing investments to upgrade Hungary's standards in waste management, energy efficiency, and air, soil, and water pollution to meet EU requirements
Per capita GDP (2006, at purchasing power parity): USD 18,230
Currency: Forint (HUF) Official exchange rates
Composition of GDP: agriculture: 3.3%; industry: 32.5%; services: 64.2%
Transportation: (2008): railway network: 7,937 km (2,628 km electrified), public road network: 160,680 km, six int'l airports.
BUSINESS IN HUNGARY
Hungary is a land-locked country located at the heart of Europe. Blessed with extensive low-lying, fertile plains (the Great Hungarian Plain), the Hungarian economy prior to World War II was primarily oriented toward agriculture and small-scale manufacturing. Hungary’s strategic position in Europe and its relative high lack of natural resources also have dictated a traditional reliance on foreign trade.
In 1968 Hungary was the first country in Central and Eastern Europe to start political and economic reforms by introducing the “New Economic Mechanism”. By the late 1980s and early 1990s the fundamental laws on the banking system, on foreign investments, on the foundation of companies, on trade, on competition, on labour, on intellectual property, on bankruptcy were laid down; imports, prices, wages were liberalised.
Hungary was the first country in the region to launch market-based privatisation (including strategic sectors such as energy and banking) and the reform of public sectors (health, education). The number of foreign direct investments rapidly increased.
In 1996 the Hungarian currency became convertible. The same year Hungary became a member of the OECD. By the end of the nineties, the privatisation process has practically been completed, with less than 20% of state assets – mainly in strategic industries – remaining in state ownership. Hungary joined the European Union in May 2004.
Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment totalling more than $100 billion since 1989. Foreign capital is attracted by skilled and relatively inexpensive labour, tax incentives, modern infrastructure, and a good telecommunications system.
By 2006 Hungary’s economic development slowed down and GDP growth remained below 4%. Wage growth had kept up with other nations in the region; however, this growth has largely been driven by increased government spending. Fiscal consolidation has become the focus of economic policy. In 2007, Hungary eliminated a trade deficit that had persisted for several years. Inflation declined from 14% in 1998 to 3.7% in 2006, but increased to 7.8% in 2007.
Unemployment has persisted above 6%. The government’s austerity program has reduced Hungary’s large budget deficit, but the reforms have dampened domestic consumption, slowing GDP growth to less than 2% in 2007. The government intends to introduce far-reaching reforms in the social security and pension systems to ensure the long-term stability of public finances and to keep public sector deficit below 3% of GDP.
Expanding by an annualised 1.6 % in the first quarter of 2008 the Hungarian economy seems to have reached a turning point. Following four consecutive quarters of deceleration, the economy started to recover. Monthly indicators have revealed that domestic demand have suffered from restrictive public spending and ailing private consumption, while performance of the private sector on the output side has been firmly improving, giving a boost to net export growth.
International analysts forecast Hungary's full-year GDP growth at 2.4 %. The inflation path is going to ease less quickly than previous assummed, which inhibits an adequate rise in real net wages to imply a significant rebound in private consumption.
Amid the persistently high CPI, the central bank will presumably remain more cautious about lowering the base rate, currently at 8.25 %
To accelerate economic recovery major development programmes have been launched by the government partly through European Union funds. EU subsidy of 22.4 billion Euro will be available to Hungary until 2013. The country has never before had an opportunity for targeted development on such a scale throughout its history.
