Updates on the business developments in Hong Kong and the GBA for Hungarian ventures
The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is a vibrant city cluster comprising the two Special Administrative Regions of Hong Kong and Macao, together with nine municipalities in the area including Guangzhou and Shenzhen. The GBA lies at Hong Kong’s doorstep offering unique business opportunities for startups, entrepreneurs as well as for established companies in Hungary. As part of China’s Belt and Road Initiative (BRI), Hungary is perfectly located to benefit from the developments in Hong Kong, which serves as the launching pad to access the vast and growing market of the GBA.
More than 40 participants from the business community in Hungary received first hand insights from Ms Jenny Szeto, Director of the HKETO Berlin on the business prospects in Hong Kong as part of the webinar “Hong Kong Meets Hungary” hosted by HKETO Berlin in cooperation with Basilicon Consulting on December 15, 2021. Dr Tamas Matura, Professor at the Corvinus University of Budapest, was another speaker at the webinar and he shared his profound knowledge of the relations between China and Central and Eastern Europe with the audience.
Hong Kong has all along maintained close bilateral trade relations with Hungary, Hong Kong’s 34th largest trading partner worldwide and 9th within the European Union in 2020. Against this backdrop, Ms Szeto emphasised that there is a lot of potential for growth and further deepening of the economic cooperation between these two flourishing regions.
As the most international, accessible and best connected city in the heart of the GBA, Hong Kong welcomes businesses from Hungary and other Central and Eastern European companies that are looking for international expansion. “A robust common law system, a simple tax regime, world class infrastructure and a deep understanding of Mainland China’s culture and business operations are only some of these features that make Hong Kong the best place for Hungarian companies to expand to China or the Asia-Pacific region,” Ms Szeto summarised Hong Kong’s most relevant advantages for the business community.