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Huge Growth for Hong Kong-Hungary Trade2016-11-09 source own
When it comes to growth, the Central and Eastern Europe (CEE) zone has enjoyed its fair share in recent years and this is set to continue thanks to growing trade between Hong Kong and Hungary. Over the past 12 months, trade has increased significantly and Hungary has seen the rewards as a result.
For Hong Kong, exports to Hungary grew by nearly 24% to a total sum of $860 million whilst imports increased by 20% to $126 million. With this in mind, total trade between the two countries is now close to breaking the $1 billion mark.
Within the CEE region, this new relationship has boosted Hungary’s position and led to a GDP increase of 3% last year. Compared to the average across the Eurozone, this is nearly double. Over the next twelve months, a growth figure of 2.1% is expected according to the four largest companies in Hungary - JLL, ABSL, Skanska, and Dentons. Thanks to this increased business, there was also a boost to commercial real estate within Hungary with total volume now at nearly €800 million. Considering there is €9 billion volume in the CEE region, Hungary’s portion accounts for around 9%.
Pawel Debowski, Chairman of Denton’s European Real Estate Group, has said of this relationship and subsequent growth “Central and Eastern Europe is now viewed as Europe's 'darling' by an increasing number of EU institutional investors, including a number of UK-based businesses. More recently, it has also started to attract significant interest in North America, South Africa and the Far East. It is an attractive and safe region which has seen sustained improvements to its business environment.”
Of course, this is fantastic news for Hungary but it is also yet another boost for the whole of the CEE region which has been named as one of the safest places for investment in recent times. In the top 25 ‘safest’ countries for investment, there were a number of countries from the CEE region including Hungary.