Hopes are high that the upcoming 24th China International Fair for Investment & Trade (CIFIT) will open the gates for a new phase of mutually beneficial bilateral cooperation between China and Hungary, said Peter Varfi, consul-general of Hungary in Guangzhou, Guangdong province.

This year marks the 75th anniversary of the establishment of diplomatic relations between Hungary and China, and Hungary will act as CIFIT's guest country of honor, Varfi said at an event in Guangzhou, on Wednesday for promoting the fair, which will be held in Xiamen, Fujian province between Sept 8 and 11.

CIFIT "provides a valuable platform that contributes to two-way investment, pragmatic discussion and cooperation on an international level," he said.

China is Hungary's largest trade partner outside the European Union and the robust bilateral economic ties have been further accentuated by substantial foreign direct investment inflows from China.

Last month, direct flights were launched between Guangzhou and Budapest, while those between the Hungarian capital and Shenzhen in Guangdong province will start next month.

"Budapest will be linked to seven major Chinese cities by direct flights, with the number of weekly flights rising to 19. I hope that this list of cities will further expand soon, with the inclusion of Xiamen," Varfi added.

Hungary's national pavilion at CIFIT will take up 450 square meters and will house the Hungarian Export Promotion Agency, the Hungarian Tourism Agency, the National Investment Promotion Agency, the National Industrial Park Operator and Developer, the Agricultural Marketing Center and the Hungarian Wine Marketing Agency, he said.

Andrew Edlefsen, principal commercial officer of the Consulate General of the United States in Guangzhou, said CIFIT is one of the most influential investment events globally.

CIFIT — whose permanent theme is "expanding two-way investment, jointly facilitating global development" — is committed to developing platforms for promoting two-way investment, releasing authoritative information and discussing investment trends, said Zhang Zhihong, vice-mayor of Xiamen.

A series of events will be hosted during the fair, including the Transnational Companies Round-table Meeting, the Annual Conference of the Global Alliance of Special Economic Zones, the Night of Gulangyu Networking Event, economic and trade exchanges between Chinese provinces and states in the US, and the Global Supply Chain Innovation Forum, she said.