China-Hungary Supply Chain: A Win-Win

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China-Hungary Supply Chain: A Win-Win

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On May 10, a pivotal promotional event for the Second China International Supply Chain Expo took place in Budapest, HungaryThis gathering was graced by prominent figures including Ren Hongbin, President of the China Council for the Promotion of International Trade, and Palagi, the President of the Hungarian Chamber of Commerce and Industry, along with representatives from various Hungarian businesses and trade associations.

During the event, Ren Hongbin emphasized the distinct advantages both China and Hungary bring to the supply chain arenaHe underscored that enhancing cooperation between enterprises in both nations would contribute to the establishment of a more stable and mutually trustworthy industrial supply chain partnershipAs part of fostering this collaboration, a memorandum to facilitate supply chain cooperation between Chinese and Hungarian enterprises was officially signedRen extended an invitation to the Hungarian side to participate as the guest of honor at the upcoming expo, indicating this move would bolster bilateral cooperation in sectors such as new energy vehicles and clean energy, ultimately leading to a win-win outcome for businesses from both countries.

Palagi expressed that in recent years, the bilateral relationship between Hungary and China has reached unprecedented levels of closeness, positively affecting trade and investment exchanges between the two nationsIn 2023, the bilateral trade volume surpassed $13 billion, with China’s direct investments in Hungary amounting to 7.6 billion euros, making China the largest source of foreign investment in Hungary and its second-largest trading partner within the EUThe opportunities for increased investment and trade cooperation with China align perfectly with Hungary's interests, particularly in technology sectors where China excels, which would in turn enhance Hungary's and the EU's economic demands.

Gabor Orban, the CEO of Gedeon Richter, a leading pharmaceutical company in Central and Eastern Europe, spoke as a representative of Hungarian businesses

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He detailed Gedeon Richter's deep-rooted history in China, dating back a century, and noted that the company's headquarters for China is now positioned in Shanghai, with branches established in various cities across the countryThis collaboration between leaders from both Hungary and China opens new avenues for Hungarian enterprises to expand within the Chinese market.

Lin Shunjie, Chairman of the China International Exhibition Center Group, spoke about the importance of maintaining the stability of global industrial and supply chains as a vital component for advancing world economic developmentHe articulated that the expo was organized in response to the contemporary yearning for an international platform that enhances communication and collaboration among various stakeholders.

The China International Supply Chain Expo stands out as the world's first national-level exhibition centered exclusively on supply chain matters, meticulously hosted by the China Council for the Promotion of International TradeThe initiative behind this exposition is to forge a significant platform for global supply chain dialogue and cooperation, rolling together cutting-edge outcomes, innovative ideas, and premier resources within the supply chain realms to promote high-quality industry evolution and international cooperation.

During the inaugural expo, the Hungarian Embassy in China took an active role, brilliantly organizing the display of several renowned Hungarian national brandsThis presentation encompassed three core themes: trade investment, cultural tourism, and technological innovation, showcasing Hungary's remarkable achievements and distinctive allure across diverse sectorsIn trade and investment, Hungary highlighted its notable manufacturing and agricultural technologies and products, creating exceptional opportunities for in-depth trade collaborations and investment synergies between the two nations

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The face-to-face interactions and exhibits not only strengthened Chinese enterprises' understanding of the Hungarian market but also provided Hungarian businesses with new avenues to enter China, consequently invigorating bilateral trade and investment relations.

In the cultural tourism display area, Hungary utilized captivating images, vibrant videos, and extraordinary cultural performances to exhibit its unique natural landscapes, rich historical heritage, and diverse folkloreVisitors were transported to the stunning architecture of Budapest and the enchanting views of Lake Balaton, while experiencing Hungary’s delicious culinary traditions and traditional folk artsThis immersive representation significantly sparked interest among Chinese tourists towards visiting Hungary, infusing fresh vigor into cultural tourism exchanges and collaborations between the two countries.

In the realm of technological innovation, Hungary showcased groundbreaking achievements in artificial intelligence, information technology, and biomedicineNumerous pioneering firms and research institutions brought forth cutting-edge technologies and innovative products that captivated many attendees, highlighting Hungary's unique strengths in technology innovationThis not only provided a new pathway for cooperation between China and Hungary in technological fields but also laid a strong foundation for enhancing technological capabilities and advancing industries within the global supply chainHungary's impressive presentation at the first expo vividly illustrated the cooperative achievements and vast development opportunities between the two nations in the supply chain field, further deepening their friendly collaborative relations and contributing positively to the stability and growth of global supply chains.

The second Supply Chain Expo is scheduled to take place from November 26 to 30 this year in Beijing, with a theme of "Linking the World, Creating the Future." The event will feature six major chains: advanced manufacturing, clean energy, smart automotive, digital technology, healthy living, and green agriculture, alongside supply chain service exhibition areas

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