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Hungary in the Belt and Road Institution of Engineers August 20, 2018

• Population: 10 million

• Area: 93,030 km2

• Member of since 2004 Stable Government

• Government form: Parliamentary since 1990

• Government in power since 2010, has won third consecutive term this April

• Hungary is a stable and safe location Chinese relations

• Chinese-Hungarian relations traditionally strong: Hungary was the first country in the to recognize the People’s Republic of China

• Next year the 70th anniversary celebrations of the establishment of diplomatic relations

„Opening to the East”

• Since 2010 an emphasis on further strengthening relations wits Asian countries

• 2 new consulates in China: Chongqing (2010) and Hong Kong (2013)

• Total of 5 offices in Greater China: , , Chongqing, Hong Kong, Taipei China at Home in Hungary

• The biggest Chinese community in Central-Eastern

• Bilingual Chinese / Hungarian School in opened in 2004

• CIPA & MOFCOM set its European Office in Budapest in 2010

16+1 Cooperation

• A framework of cooperation between China and 16 Central-Eastern European coutries

• 16+1 Summit hosted by Budapest in 2017

Hong Kong and Hungary

• Hungary-Hong Kong relations in a strong momentum

• Several high ranking visits both ways in recent years

• Working Holiday agreement coming into force September 1

Foreign Policy

• Foreign Trade Focused Foreign Policy

• Foreign Trade merged into Foreign Ministry in 2014

• Supporting institutions under Foreign Ministry’s supervision

Economic Data

• GDP: 192,855 million EUR • GDP/capita: 19,651 EUR • GDP growth: 4% (2017) • Inflation: 2.4% • Government bonds: Investmeng Grade, Positive Outlook Developed Infrastructure

• At the crossroads of 4 European transportation corridors

• The highest motorway density in the

• Extensive railway transportation network „Opening to the East”

• Small country with an open economy • Hungary’s number one foreign trade partner is the European Union • Asia has become our most important non-EU trade partner • Hungary is Hong Kong’s biggest trading partner in Central- Hub for Chinese Business

• Bank of China in Budapest since 2003 & Opened 1st RMB clearing center in CEE in 2015

• CIPA & MOFCOM set up its European Office in Budapest in 2010

• 16+1 Development Bank Cooperation Center in Budapest Belt and Road

• Hungary was first to sign a MoA on the „One Belt - One Road” initiative (2015)

• Flagship Project: Budapest- high speed railway

Promoting Investment

• Tax Regime

• Subsidies

• Legal Environment Attractive Tax Regime

• 9% Flat Since 2017

• 15% Flat Personal Income Tax

• Average Labour Cost: 1163 EUR

• Reduced Social Contribution Tax Subsidies

Maximum Aid Intensity Map Subsidies

• VIP Cash Subsidies for Job Creation and Asset Investment

Subsidies

• VIP Cash Subsidies for Intensive Investments and R&D Projects Success Stories Success Stories Industry Highlights

RENEWABLE ENERGY

• Huge Potential in Solar and Geothermal Energy

• Renewable Energy Support Scheme

Industry Highlights

AUTOMOTIVE

• Hungary is already an hub

• Proving ground for self-driving and connected vehicles in development

• E-mobility plan

Project Examples

PLATIO

• Aesthetic, space-saving offgrid renewable energy system • Integrates high performance solar cells into attractive sidewalk paving elements made of recycled plastic

Project Examples

HOTEL/OFFICE BUILDING

• Historical building in downtown Budapest

• Concepts for 4- or 5- hotel, with 178 rooms including 152 double rooms, 12 penthouses and 14 duplex

Thank You for Your Attention!