Hong Kongs relationship with Hungary grows stronger

In a trade a agreement that seems to be benefitting all involved, Hong Kong and Hungary are both reeling from a successful 12 months trading; initial figures suggest a 24% increase from just one year ago. As a result, Hungary enjoyed a huge boost in GDP which ended up rising quicker than many other Eurozone countries.

In 2015 alone, Hungary’s GDP rose by over 3% which was a little under double the average for the whole of the Eurozone (1.6%). Recently, four of Hungary’s biggest companies - Dentons, ABSL, JLL, The Skanska Group - released a statement which suggested that GDP is expected to grow even further over the next year, this time by around 2%.

When it comes to Hong Kong, exports to Hungary grew by nearly a quarter to reach a final figure of $860 million. In addition to this, imports also soared by 20% to a final figure of $126 million. With total trade between the two countries at nearly $1 billion, it’s fair to say that both countries are seeing the benefit of this trade relationship.

Furthermore, Hungary’s commercial real estate transactions reached nearly €800 million last year alone; this is a figure that amounts to just under 10% of the total amount - equalling €9 billion last year - for the whole of the CEE region. When it comes to statistics, this really shows just how Hungary are seeing the positives from Hong Kong trade.

Chairman of Denton’s European Real Estate Group, Pawel Debowski, has said “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.”

Just recently, the Institute for Economics and Peace in Sydney labelled the CEE region as one of the ‘least hazardous’ locations to invest. Furthermore, Hungary was noted in the top 25 countries in the world for ‘safe business’.

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