strengthens economic ties at Budapest conference

Officials from the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) recently convened the “Greater Bay Area-Europe (Hungary) Economic and Trade Cooperation Exchange Conference” in Budapest.

Jointly organized by the governments of Guangdong Province, Macau and Hong Kong, the event attracted over 300 guests, including senior political and business representatives from Hungary and other European countries, alongside GBA delegates.

Secretary for Constitutional and Mainland Affairs Erick Tsang, Commissioner for Development of Guangdong-Hong Kong-Macao Greater Bay Area Maisie Chan, and the Commerce and Investment Promotion Institute (IPIM) Chairman Vincent U U Sang were among the key officials present.

The SAR’s unique role under the ‘One country, two systems’ framework as a “super connector” and “super value-adder” was highlighted to European business communities.

Tsang encouraged enterprises and talent to capitalize on the GBA’s strategic advantages and close connections to China and the global market.

The conference also facilitated the signing of 36 cross-border cooperation projects, including a landmark letter of intent between Macau Pass Group Holdings Limited and Hungary’s Cardnet Group to develop a bilateral digital payment gateway.

The projects aim to enhance cross-border payments between Macau and Hungary.
Hungary’s Minister of Foreign Affairs and Trade, Péter Szijjártó, described the agreement as “a very important milestone” that will boost tourism and commerce by enabling easier payments for Chinese and Hungarian citizens in each other’s countries.

IPIM promoted Macau’s business environment, highlighting its free port status, simple tax system, and strategic overseas networks. It also introduced emerging sectors such as big health, high-tech, modern finance, and culture and sports as new opportunities for investors.

A Hungarian environmental protection company, which established its GBA headquarters in Macau in 2022, praised the region’s alignment with international business policies and expressed plans to expand further in the region.