The new Fastener Fair Budapest exhibition, taking place on 22 and 23 September 2008 at Budapest’s modern SYMA Event Centre, is aimed at helping “western” European and international exhibitors take advantage of the new opportunities in Eastern Europe, which have come about as a result of the increasing costs of doing business in the Far East. There has recently been a great deal of activity in Eastern Europe, providing fastener and fixing companies with tremendous prospects. A key reason, according to show organiser Jerry Ramsdale, is changes taking place on the other side of the world. “We’re seeing something of a reversal, in which major producers are rethinking the conventional wisdom that in order to be competitive they have to relocate production and assembly to the Far East,” explains Mr Ramsdale. “People are looking at China, for example, and seeing big increases in raw material costs; sea freight to Europe more than doubling in price last year; plus labour costs set to increase by 40% in 2008 as a result of skills shortages and new labour laws.” The positive effects on Eastern Europe are clear to see: Peugeot Citroen, for example, has increased production at plants in the Czech and Slovak Republics. Nokia is closing a factory in Germany and opening a new plant in Romania, while Daimler is reported to be choosing between Poland and Romania to locate a new Mercedes car plant. And in addition to all these developments, construction is burgeoning throughout Europe’s “near east’”. With Hungary, whose exports grew by 18% in 2006 and 15% in 2007, at the geographical and business heart of all these exciting developments, it is no wonder why its capital Budapest is hosting this new Fastener Fair venture.
