What business opportunities do Hungarians have in the Far East where a tough international competition awaits those who would like to start a promising and fruitful enterprise, namely in Chongqing, the business heaven of Central China? Doors are certainly open for Hungarian businesses in the Far East since Hungarians are warmly welcomed, but this does not mean that it is easy to conquer the Chinese market. In the following, based on the travel journal of a Hungarian man shared on Mandier.hu, we weigh the potential opportunities present for Hungarian entrepreneurs in the Far East.
The city of Chongqing, the business heaven of Central China, is a significant economic power in the region. This metropolis perfectly combines the exotic with the modern, since palm trees and mountains fit into the image of the constantly developing city famous for its skyscrapers, restaurants, rapid economic growth and vibrant atmosphere.
Chongqing, economic superpower of China
A Hungarian journalist, György Szalma, had the unique opportunity to travel to the dynamic Chongqing and observe firsthand where the potential opportunities lie for Hungarian businesses in the Far East. Right after arriving in the metropolis, he headed for the Consulate General of Hungary in Chongqing, which is located on the 36th floor of one of the highest skyscrapers of the centre, offering a fantastic panorama for the lucky visitors.
The meeting with the Hungarian consul and the diplomats of Hungary was beyond his expectations, and he highly commended the excellent work of the Consulate and its diplomats who all speak the Chinese language and thus have a perfect insight into the business opportunities present on the Chinese market.
In fact, Chongqing is the leading economic capital of China where every European nation aims to get into a favourable position.
Therefore, a fierce competition takes place between the nations to establish business relations in the Far East. It is not only Hungary that has aspirations about business expansion in China, but Austria as well. In fact, it was only a few days ago that the Consulate General of Austria was set up in Chengdu, close to Chongqing since Austrians have also discovered the potential business opportunities lying in the region.
However, compared to them, Hungarians are still at the very beginning of acquiring a reputation in China, and the Hungarian-Polish friendship does not faciliate our task either given that everyone is involved in this fierce competition.
As the consul of Hungary also emphasised while talking about business prospects in China, the key to success is that we have to be aware of our strengths which we also have to represent on the market favourably.
Hungarian presence in Chongqing
Our business prospects are more favourable than those of other nations since Hungary is relatively well-known in China owing much to the hard work of the Hungarian Consulate.
While the Western Chinese Budapest Spring Festival was organised three times in the city, Chongqing also gave a home to the Western Chinese Budapest Autumn Festival two times. Furthermore, the performance of the Budapest Operetta and Musical Theatre in the Chinese city and the presence of the Hungarian Department at the local SISU University also strengthen the influence of Hungary in the Far East. Also, it goes without saying that the Hungarian presence in the metropolis is the most palpable through the operation of the Hungarian-Chinese Technology Transfer Center.
Similar national values and prospective opportunities
The inhabitants of Chongqing are very open and warm people who are as proud of their spicy dishes and their paprika as Hungarians. They are also very congenial who strengthen our national values. For instance, a Hungarian Canoeing and Kayaking Center is attributing to this long-standing Hungarian sport.
Moreover, the city of Chongqing is the Chinese capital of thermal waters since it is abundant in medicinal waters similarly to Hungary.
This provides further evidence for why Hungary can be a potential business partner of China. The bath planned to be constructed in the Ba’nan district by the Loncin Holding & Co. is going to be realised with the assistance of Hungarian partners, more precisely, the Spirit Hotel Thermal Spa Ltd. and the Hungarian National Trading House showing that
Hungary, the thermal water superpower of the world, serves as a model for Chinese investors.
Consequently, the Far East offers potential in the business sector for Hungarian entrepreneurs and Chongqing is the perfect example of it. We have the necessary basis for a breakthrough in China where, by acknowledging the Hungarian bathing culture and our common values, Hungarians can feel completely at home.
Featured image: wikipedia/Chongqing