Péter Szijjártó emphasized that Hungary has become a major destination for Chinese investments in Europe.Continue reading
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Hungary Guest of Honor at the China International Supply Chain Expo
This year marks the second edition of the Supply Chain Expo (SCE) in Beijing between November 26-30, where the Hungarian Pavilion was invited to take the place of exhibitor of honor. Prior to this, China had already established a series of other trad
This year marks the second edition of the Supply Chain Expo (SCE) in Beijing between November 26-30, where the Hungarian Pavilion was invited to take the place of exhibitor of honor. Prior to this, China had already established a series of other trade fairs, including the Canton Fair in Guangzhou, the China International Import Expo or CIIE in Shanghai, the Consumer Goods Expo in Haikou, and the China International Fair for Trade in Services or CIFTIS in Beijing.
The SCE debuted last year as the first Chinese national-level expo focused on supply chains. It highlights China’s focus on supply chain management as one of the global manufacturing epicenters.
The global supply chain crisis that began in 2020 was not only exacerbated by pandemic-induced disruptions but also by certain economies adopting a zero-sum mentality, a resurgence of trade protectionism, and the implementation of policies promoting “small yard, high fence” and the U.S.’ policy of economic “decoupling” from China. These actions have contributed to a cost-of-living crisis and cast uncertainty over the global economic recovery.
Katalin Bihari, Deputy State Secretary for External Economic Relations. Photo: CGTN
During the expo in Beijing, Katalin Bihari, Deputy State Secretary for External Economic Relations at the Ministry of Foreign Affairs and Trade of Hungary has spoke about Hungary’s position being in favor of global connectivity, while at the same time not supporting economic decoupling. She emphasized that the five Hungarian companies that are present as exhibitors at the trade show would help generate improvement in trade and investment promotion. She also pointed out that outside the European Union, China has become Hungary’s most important trading partner, and as far as investment is concerned, Hungary has become the number one destination for Chinese investment heading to Europe. Last year 44% of all Chines investment heading to Europe ended up in Hungary.
China’s manufacturing sector has been the world’s largest for 14 consecutive years, and this is reflected by the fact that in the exhibition area, over 600 companies from 70 countries were showcasing their technology and eagerness to collaborate. The emphasis at the show was on the integration of supply chains, cooperation among businesses of all sizes, synergy between industry and academia, and engagement between Chinese and international companies. The prevailing sentiment among global businesses present at the expo was one of inclusive growth, aimed at enhancing the stability of the global supply chain and collectively countering the risks of “decoupling.”
Video and reporting courtesy of CGTN
The post Hungary Guest of Honor at the China International Supply Chain Expo appeared first on Hungary Today.
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