Taiwan-Hungary business council meeting explores areas for cooperation

The Chinese International Economic Cooperation Association (CIECA) in cooperation with the Hungarian Investment and Trade Agency (HITA) held an annual business council meeting aimed at improving trade cooperation between Taiwan and Hungary in the fields of electric vehicles and renewable energy, according to the organizers of the event.

The Taiwan-Hungary Joint Business Council Meeting, now in its ninth year, has become a great platform where ideas and proposals on how to develop and strengthen the bilateral relations can be exchanged and shared, said one of the organizers from Taiwan's CIECA.

There is tremendous economic potential in Hungary, said Fred Huang, CIECA's vice chairman, in his opening remarks, expressing hope that the forum can help local firms find suitable business partners.

There are many things that both sides can learn from each other and cooperate on, Huang added.

Karoly Peter Bukvai, chief adviser to the Hungarian agency, who also attended the meeting, said it is important to understand each other in order to localize businesses and run profitable operations.

Hungary can serve as a gateway to Europe, Bukvai said, adding that the European country has excellent knowledge-based expertise in fields such as information technology and software design.

In addition to competitive tax systems for corporate and personal incomes, Hungary provides other incentives including cash and training subsidies as well as further employment-related incentives, according to Bukvai.

Currently, Taiwan's Yageo Corp., Behavior Tech Computer Corp. and the Foxconn Technology Group all have a presence in Hungary, with direct investment of 82.1 million euros (US$107.62 million) in 2011, the adviser said.

In addition to the fields of electronics and information and communications technology, Bukvai said, wastewater treatment, food processing, biotechnology, pharmaceutical products and medical equipment are also potential areas for cooperation between Hungary and Taiwan.