Chinese Investments Worth HUF 6,000 Billion Under Way In Hungary

  • 24 Apr 2024 7:02 AM
  • Hungary Matters
Chinese Investments Worth HUF 6,000 Billion Under Way In Hungary
Currently there are some 6,000 billion forints (EUR 15.2bn) worth of Chinese investment projects under way in Hungary, creating 25,000 jobs, the foreign ministry quoted Péter Szijjártó, the minister of foreign affairs and trade, as saying in Beijing.

The minister had talks with China’s former trade minister and head of the financial and economic committee of the National People’s Congress, Zhong Shan, and “reported good news” that China’s economy grew by over 5 percent last year and maintained the same rate of growth in the first quarter of this year.

Szijjártó said this was “good news for Hungary, too,” since “apart from the German economy, it is now China’s that has the biggest impact on the output of the Hungarian economy … the better off the Chinese economy, the better off the Hungarian economy,” he said.

Szijjártó said Hungary has now become the primary European destination of Chinese corporate investments. “Currently … plants worth 6,000 billion forints are being built in Hungary,” he said. “Once those factories are built … they will provide 25,000 jobs ensuring a secure livelihood to Hungarian families … and ensuring cutting-edge technologies in Hungary,” the minister added.

Szijjártó said those projects focused on the car industry, in which Chinese companies were now global market leaders, therefore “those companies are welcome to bring their plants to Hungary as their primary destination in Europe.”

Szijjártó called it another piece of good news that annual bilateral trade last year exceeded 10 billion dollars, adding that this was likely to be repeated this year too.

Not only are large Chinese companies coming to Hungary in increasing numbers, he said, but Hungarian companies finding more and more business in China.

For example, he mentioned an MVM subsidiary producing cooling systems for power plants, which had been awarded contracts worth several ten millions of dollars, and was providing the cooling systems for several plants under construction in China.

Szijjártó said he was scheduled to meet the heads of several large companies. “Hopefully those negotiations will yield further jobs in Hungary,” he said.

The minister said he will meet his Chinese counterpart on Wednesday, “with regard to the fact that the two countries are celebrating the 75th anniversary of diplomatic ties this year.”

“Cooperation between China and Hungary has yielded a lot of benefits to both countries in recent years and the opportunities offer good hopes for the future,” he said.

Szijjártó: 'Revolution' in Electromobility in Automotive Industry to Define Global Economy's Next Decade

An electromobility “revolution’ taking place in the automotive industry will have a big impact on the global economy in the coming years and decades, Péter Szijjártó, the minister of foreign affairs and trade said on Tuesday.

“China clearly has a leading role in that, evidenced by the increasing success of sales of EVs made by Chinese companies on European markets,” he said on Facebook.

Thanks to its close economic and investment cooperation with China, Hungary belongs among “the global frontrunners” of the technological transformation in the world, he said.

Szijjártó said he visited the headquarters of one of China’s largest vehicle makers, Great Wall Motors, in Baoding.

“The result of the work of thousands of development engineers is visible: a constant renewal of the top technology makes the company one of the most successful players in the Asian and global markets,” the minister said.

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