Ningbo inaugurates innovation center in Budapest

The Ningbo CEEC (Budapest) Innovation Center is inaugurated in Budapest on April 20. [Photo/cnnb]

The Ningbo CEEC (Budapest) Innovation Center, honored as the demonstration base of the Ningbo China – CEEC Economic and Trade Cooperation Zone, was inaugurated in Budapest, capital of Hungary, on April 20, local media outlets reported.

The inauguration is a warm-up for the upcoming third China-Central and Eastern European Countries Expo, or China-CEEC Expo, which is set to take place in Ningbo, East China's Zhejiang province, from May 16 to 20.

The inauguration ceremony is part of the innovation industry matchmaking meeting between Yuyao, a county-level city in Ningbo, and the CEEC.

Yuyao secured five promising high-tech projects involving high-end manufacturing, information technology, biological medicine, and virtual reality at the matchmaking meeting.

The Keeway project from Hungary will focus on the development and manufacturing of electric motor cars and is expected to generate more than 2.6 billion yuan ($377 million) in annual output while the resveratrol project from Serbia will extract resveratrol from wine waste in a sustainable way for use in skin care and cosmetics.

On the same day, Wo Yongte, mayor of Yuyao, led a trade delegation to meet the president of Chinacham Hungary and the founder of Hungary-based E-Group and planned to sign a memorandum of cooperation with Cosylab, a world-class tech company in Slovenia.