Secretary for Commerce & Economic Development Algernon Yau highlighted Hong Kong's unique advantages and vast potential for Hungarian companies and entrepreneurs during his two-day visit to Budapest, Hungary, that began on June 8.
 
After attending the Ministerial Council Meeting of the Organisation for Economic Co-operation & Development in Paris, France, Mr Yau proceeded to Budapest to meet Hungarian government officials and the business community to update them on Hong Kong's latest trade and economic developments, and exchange views on further collaboration in various areas.
 
The commerce chief pointed out that Hong Kong has all along maintained close bilateral trade relations with Hungary.
 
In 2022, bilateral merchandise trade between Hong Kong and Hungary amounted to HK$17.8 billion. Hungary was Hong Kong's seventh largest trading partner among the European Union member states. Around 11.4% of the total merchandise trade between Hungary and Mainland China is routed through Hong Kong.
 
Mr Yau stressed that with Hong Kong's unique advantages under “one country, two systems”, the city is an ideal gateway for Hungarian companies to tap into the Guangdong-Hong Kong-Macao Greater Bay Area markets and participate in the Belt & Road Initiative.
 
He also briefed officials and business leaders there about Hong Kong's new initiatives on attracting enterprises and investments to create a strong impetus for growth.
 
Mr Yau today met Hungarian National Bank Deputy Governor Csaba Kandrács, Hungarian Deputy Minister of Foreign Affairs & Trade Levente Magyar and Hungarian State Secretary for Economic Development & National Financial Services Máté Lóga to learn more about the country's economic development and monetary and fiscal policy.
 
He also took the opportunity to visit Q Contemporary, which is an art museum founded by a Hong Kong-born businesswoman.
 
On June 8, apart from attending a roundtable luncheon with members of the Hungary-Hong Kong Business Association, Mr Yau had meetings with Deputy Speaker of the National Assembly of Hungary István Jakab and President of Hungarian Chamber of Commerce & Industry László Parragh to exchange views on fostering closer economic and trade co-operation between the two places.
 
Later in the day, he seized the occasion to meet Acting Chinese Ambassador to Hungary Yang Chao during a dinner engagement to keep him abreast of the latest developments in Hong Kong.