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Shenzhen-based Huawei Technologies announced plans to set up its regional commercial headquarters in Budapest, Hungary.
Huawei, the largest Chinese telecommunication equipment maker, also plans to launch production in Hungary in the midterm.
Several other Chinese companies specializing in information technology equipment manufacturing have expressed interest in investing in Hungary, said Hungarian IT Minister Kalman Kovacs.
Telecom equipment producer ZTE Corp., which reported annual sales of US$4 billion last year, was expected to announce the location of its manufacturing base soon, and Hungary was one of the options, Kovacs said.
Hungary gained an advantage over other countries in the region when the Bank of China opened a branch office in Hungary, Kovacs said. Hungary is also home to central and eastern Europe's largest Chinese community.
In an effort to boost Hungary's lure as a potential investment location, the government would open a trade office in Shenzhen at the end of the summer, government officials announced.
(Shenzhen Daily April 20, 2005)
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