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“Today we inaugurated China’s first Chinese-Hungarian Industrial Park in Wuxi. No other country has such a park in China!” the Government Commissioner for Economic Strategy, László György shared on Facebook on Sunday.
Offices and production halls are available for Hungarian companies, initially covering 18,000 square meters, next to the local development centers of TikTok and Tencent. The companies moving in will benefit from utility subsidies and tax exemptions for up to the first three years, as well as subsidies and capital investments to develop their Chinese capacities. All this represents an outstanding opportunity for Hungarian companies to enter the huge Chinese and Southeast Asian markets, László György revealed.
Why Wuxi? Wuxi is one of the best choices for Hungarian businesses in terms of size, geographical location, and economic structure,”
he emphasized.
Fact
With a population of 7.5 million, Wuxi has the highest GDP per capita among medium-sized cities and is more developed than neighboring Shanghai. Its GDP is almost identical to that of Hungary.
Wuxi, China. Photo: Pixabay
It is only a two-hour drive from Shanghai, China’s number one business and commercial center. Shanghai and Budapest are connected by direct flights.
Wuxi’s economic structure is largely compatible with that of Hungary and the most important growth areas of the Hungarian economy.
The Chinese stronghold of the semiconductor industry: Wuxi is home to the development center and manufacturing facility of Moore Threads, NVIDIA’s Chinese competitor, which was founded five years ago and has a current market value of $40 billion.
Intelligent manufacturing and engineering center. Among other things, the production line for BMW’s high-tech factory in Debrecen was designed and supplied by a local company. (Precision engineering, industrial automation, robotics, CNC technology, Industry 4.0 solutions.)
Center for new energies and green technologies, playing a key role in China’s green industrial transition. A major player in the manufacture of solar panels, energy storage devices, lithium-ion (and soon solid-state) batteries, and energy-efficient equipment.
Automotive and e-mobility hub. Manufacture of automotive components (engines, powertrains, electronics), systems related to electric vehicles, and close integration into the Yangtze River Delta automotive network.
Biotechnology and medical technology center. Manufacture of diagnostic devices and medical instruments, pharmaceutical R&D and manufacturing, as well as significant biomedical parks and university-industry collaborations in Wuxi.
Wuxi also has a strong software, IT, and digital economy, a technology-intensive textile industry, and is an important FoodTech (food safety) center, the politician pointed out.
He explained, that there is room for Hungarian capacities to grow:
the value of U.S. working capital investments in China exceeds $120 billion, while German investments exceed €120 billion.
“Fortunately, Hungarian companies are not arriving in China without precedent. In Wuxi, Magnus Aircraft, a small aircraft manufacturer, paved the way and took the first steps toward joining Chinese value chains. Thanks to them, the companies that follow them benefit from one-stop, rapid support, capital investment, research and development, partner search, market research, and infrastructure services. Currently, three other Hungarian companies are planning to move into the China-Hungary Industrial Park,” he stated.
“All credit and thanks for the idea and its implementation go to the Wuxi Huishan District and the NICE Innovation Center in Shanghai, who said they were grateful that diplomatic relations between China and Hungary have been uninterrupted since the founding of the People’s Republic of China, and that the diplomatic relations between the two countries have entered a golden age under the premiership of Viktor Orbán and the foreign ministry of Péter Szijjártó,” he said.
“Go, Hungarian entrepreneurs!” László György concluded in his Facebook post.
Via Facebook; Featured photo: Facebook/ György László
The post Government Opens First China–Hungary Industrial Park in Wuxi appeared first on Hungary Today.
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