Hungary has been a highly attractive destination for investors thanks, besides the 9 percent corporate income tax rate, to the country’s safety, Minister for National Economy Mihály Varga said after he had received Vice Minister of the Liaison Office of the Central People's Government in the Hong Kong Qiu Hong. At the talks, the Minister emphasised that the country offered, among other factors, a single-digit corporate income tax rate, reduced payroll taxes, improving business environment and an economic growth rate that exceeded the EU average.
In his analysis of bilateral economic relations, Mihály Varga noted that Hungary was Hong Kong’s number one trade partner in the CEE region, and in 2017 the total volume of the bilateral trade of goods soared by 14 percent year-on-year.
The value of FDI by Hong Kong investors exceeds USD 500 million, up by 53 percent year-on-year. As a good example, the manufacturer of car industry components Johnson Electric Hungary Ltd, a subsidiary of a Hong Kong-based conglomerate, has been mentioned, the employer of 1500 people in Hungary. With the company, the Government has concluded a strategic partnership agreement. The meeting’s participants highlighted higher education and tourism as two other fields regarding which the two countries were having fruitful relations.
(Ministry for National Economy)