Hungary reopens its consulate in Hong Kong

Hungary reopened its consulate in Hong Kong yesterday after a four-year absence as the central European country seeks to improve trade ties with the city.

The international financial crisis forced the country to close its Hong Kong consulate in 2009 as part of measures to cut government spending.

With a vastly improved economy, Hungary is now re-establishing its diplomatic presence in Hong Kong in an effort to reverse a declining trade volume, the country's State Secretary for Foreign Affairs and External Economic Relations Peter Szijjarto said in an interview.

Hong Kong is Hungary's fifth biggest trading partner in Asia. However, trade volume has dropped from US$1.7 billion in 2010 to US$1 billion last year.

"Without a presence here, there is no way to enhance economic co-operation. That's why the Hungarian government made the decision to re-establish the consulate general in Hong Kong," Szijjarto said.

Since taking power in 2010, Hungarian Prime Minister Viktor Orban and his Fidesz Party have sought to increase economic and political relationships outside of the European Union.

A key part of the government's foreign policy is to tap into economic opportunities in emerging powers around the globe. Orban previously said Hungary and the rest of Europe were losing ground in global competitiveness.