Szijjarto said the weight of the global economy had shifted to the East in recent years, while the competition to attract multinationals' investments had intensified. He warned of the danger of efforts to divide the world into blocs again and said the government was focused on strengthening connectivity.

He said the government had adopted a policy of economic neutrality, paving the way for the country to become a "meeting point" for the economies of the East and the West.

Hungary has become the "number one" location in Europe for cooperation between Western and Eastern companies, he added.

Szijjarto said the government had supported 255 investments with HUF 869bn in subsidies in 2023 and the first half of 2024. Those projects were worth more than HUF 6,000bn and created around 25,000 jobs, he added.

He noted that 62pc of that investment volume had come from China. South Korean companies were runner-up, followed by ones from Germany, he added.

Hungary accounted for 44pc of all Chinese investments in Europe during the period, he said. This year, Chinese investments in Hungary created 11,500 jobs, while investments by German companies created 3,000, he added.

Government support for investments went to projects in 19 branches of industry, although the most support went to electromobility investments, he said.

Szijjarto highlighted big investments in the pipeline, including Chinese EV manufacturer BYD's plant in Szeged, German car maker BMW's factory in Debrecen and the expansion of the Mercedes base in Kecskemet.

When those projects are finished, annual vehicle production in Hungary will climb over 1 million, he added.

Szijjarto also noted big battery manufacturing investments necessary for EV production.

Szijjarto: Solution to problems caused by US sanctions on Gazprombank close

Solutions to manage the problems caused by sanctions against Russia's Gazprombank imposed by the United States have been adopted in three of four instances affecting Hungary, Minister of Foreign Affairs and Trade Peter Szijjarto told lawmakers.

Giving testimony before parliament's economy committee, Szijjarto said the legal constructions devised to resolve the matter, reached at meetings in Moscow a day earlier, would ensure Hungary's energy supply.

He added that the sanctions had affected several European countries that made payments for their Russian energy through Gazprombank, and coordination among them was ongoing.

Those countries happen to be sympathisers of President-elect Donald Trump, he said. Exceptions to the sanctions were made for Russian banks that manage payments for uranium exports, he added.

Last year, the US was the biggest buyer of Russian uranium, he noted.

Szijjarto said Hungary rejected any initiative that attempted to muddle energy supply and economic cooperation with ideological or political matters. He added that Hungary had not been made any better offer than that for its gas from Russia, given the existing infrastructure.

Szijjarto pointed to efforts to diversify Hungary's energy supply, including the start of deliveries of Azeri and Turkish gas, and talks on purchases of Qatari LNG for the period after 2027. He added that the European Commission had been unwilling to provide financial support for infrastructure necessary to diversify energy supply in the region.

Addressing electromobility, Szijjarto augured a rebound in demand for EVs after a temporary downturn and said EV industry investments that had been scrapped were in countries in which they had not even started, while projects in Hungary were well under way.

He added that state support for such investments would have to be repaid, with interest, if conditions were not met.

Ukraine Crisis - Szijjarto: EU leaders 'missed great opportunity' to amend Ukraine strategy

European leaders have "missed a great opportunity" to amend their "failed" Ukraine strategy, and they should have doubled down on peace efforts amid the current danger of escalation, Peter Szijjarto, the foreign minister, said in Pecs, in southern Hungary.

Addressing a National Consultation campaign event on Monday evening, the minister said Donald Trump's victory in the US presidential election had brought closer a peaceful resolution to the war, but the danger of escalation had also grown, "due to the measures of the outgoing Washington administration that ignore the will of the people".

Szijjarto said European leaders could have used the US developments as an excuse to amend their "failed Ukraine strategy, which is also weakening the continent".

He said his latest visit to Moscow had been aimed at bolstering peace efforts and further guaranteeing Hungary's energy security, as US sanctions against Gazprombank had put countries purchasing Russian energy resources in a difficult situation.

"We are now working together on a solution with the Russians, company leaders and the deputy PM for energy..." Szijjarto said.

He slammed the "hypocrisy of certain colleagues" who "regularly emphasised their support" ahead of EU foreign council meetings “but never stand by me in the debate". "There is a great deal of hypocrisy in the world regarding the ties with the East, Russia as well as China," he said.

Szijjarto praised Hungary's policy of economic neutrality, which allowed the country to trade with Eastern and Western partners alike, "despite the ongoing discourse to decouple the European and Chinese economies."

Szijjarto: Russia committed to maintaining Hungary energy supply

In spite of new sanctions, Russia will continue its deliveries of crude, gas and nuclear fuel to Hungary, Minister of Foreign Affairs and Trade Peter Szijjarto said in Moscow on Monday.

In a statement issued by his ministry, Szijjarto said he had held talks with Deputy Prime Minister Alexander Novak and a number of executives of energy industry companies and acknowledged the important role deliveries from Russia play in ensuring Hungary's secure energy supply.

He added that the issue was not a "political matter" , but one of "physical reality" and of infrastructure.

"We have no intent of giving up this good cooperation. If for the only reason that nobody has given us a better offer. We know of no other energy sources that are more secure or more competitively priced," he said.

Szijjarto said the inclusion of Gazprombank on the United States' sanctions list was an attempt to put countries in Central and Southeastern Europe that use Russian energy in a difficult position.

Discussing the matter on Monday, Deputy Prime Minister Novak and the energy company executives affected by the measure affirmed their interest in cooperation and the continuation of energy deliveries, he added.

"We've committed to finding a solution to the situation," he said. He added that the Hungarian government would do everything in its power to ensure the country's secure energy supply.

He noted that other countries in the region were "in the same shoes" and were working together to resolve the situation.

Szijjarto: Peace efforts 'must be boosted' because of 'unprecedented escalation risk'

The Hungarian government must increase its efforts towards peace as the risk of escalation in the war in Ukraine is more serious than ever before, the Hungarian foreign minister said in Moscow on Monday, adding that efforts had to also be made to keep the channels of diplomacy open.

At talks held with his Russian colleague, Sergei Lavrov, Peter Szijjarto underlined that the risk of escalation of the war "is more serious than ever before."

"There have been many dangerous and irresponsible decisions made in the recent past that for a country neighbouring Ukraine, such as Hungary, pose particular threats," he said.

He said the past one thousand days had proved that the war had no solution in the battlefield, it could only be ended through negotiations for which "the channels of diplomacy have to be kept open".

"Those who close those diplomatic channels or attack those who keep them open do not really want peace," he said.

Szijjarto said developing bilateral ties with Russia in areas not affected by sanctions "is a clear and open goal" of the Hungarian government.

Source: 
MTI - The Hungarian News Agency, founded in 1881.

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