In the largest investment ever in Hungary: Chinese battery manufacturer to invest EUR 7.5bn
In the largest investment ever in Hungary, Chinese battery maker CATL is spending 3,000 billion forints (EUR 7.5bn) on building its second European manufacturing plant, in Debrecen, in eastern Hungary, the minister of foreign affairs and trade said on Monday.
One of the five largest greenfield investments in Europe in the past decade, the project will create some 9,000 jobs, Péter Szijjártó told a press conference in Debrecen at the signing of the land purchase agreement. The investment is set to receive government funding, with the details to be worked out in the meantime, Szijjártó said.
Batteries are in high demand as the three premium car manufacturers, Audi, BMW and Mercedes, all have factories in Hungary, he noted.
Hungary has secured the two largest investments ever brought to the country in spite of the current challenging economic environment, he said. “Energy prices are irrationally high, inflation is in the double digits in most countries, and the European economy is facing a recession while the world is on the brink of a food crisis,” he said.
The car industry has grown 2.5-fold in Hungary since 2010, with its production value hitting 9,500 billion forints in 2021, he said.
Hungary’s policy of opening up to the East, which came under “vicious attack”, has been vindicated, he said. “We have made clear that we won’t exclude any nation’s companies with hollow excuses. Our foreign policy and our ties with the world to the east of us are based on mutual respect,” he said.
CATL’s investment will help Hungary to emerge from the current crisis stronger, he said.
Meanwhile, Hungarian-Chinese bilateral trade grew a record 11 percent last year, hitting 12 billion dollars for the first time, he said. Growth was at 7 percent in the first half of 2022, too, he said.
“Hungary profits exceedingly highly from its pragmatic cooperation with the People’s Republic of China … based on mutual respect,” the minister said.
Read alsoChinese NIO to build its first European plant near Budapest
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2 Comments
Well are a great Partner for China, and we put our money where our mouth is. We borrowed and putting tax proceeds to work for the Fudan campus in Budapest, then there is the Budapest and Belgrade rail link, for which we borrowed in excess of EUR 1.5 Bn, with said loan an official state secret for 10 years. In conclusion: we are the Real Deal for China!
It is KNOWN – by those in the “Real” World – that Budapest, Hungary – is an intricate strategic place – in the NEW and developeing Silk Road from China – East meets the West – with Budapest, Hungary – a MAJOR distrubution center location.
Rail developement, that muchly involves this NEW – Silk Road from China – the “veiling” by the present Government of Hungary, of the True & Real purpose behind its construction & developement, the MASSIVE associated BORROWINGS – DEBT – undertaken by the present Hungarian Government, with the LENDERS being the Chinese Government – by those who live in the ‘Real World” in Hungary and Globally, know – its a continuation of Hungarys – deepening and NEEDED relationship with China, that will see Hungary – suffering being “bought out” controlled to larger and greater degree – from Beijing.
Hungary’s – indebitness to China and bring – our “other” closes PARTNER & Friend – into this subject being Russia – the debt of borrowings – HARROWING / Gruesome.
Interesting – that our (2) two closes FRIENDS – China & Russia – the CHALLENGES – they are Confronted with at this point in time.
Dictatorships – just WATCH very, very carefully – the Citizens of Hungary, known by those who REALLY know, that Hungary continues to be Governed by a Prime Minister – Victor Orban under a DICTATORIAL strategy.
Hungary – the continuation of the WORSENING of their Economy, this obvious Dictatorial Orban led regime, will “flex” their muscles & POWER, we KNOW their Love of POWER – throughout Hungary, that continues to devastate greatly the quality of life, of Hungarians, in their Millions.
There will be in the very near FUTURE – Brutality – witnessed in Governmental decision making in Hungary – a known – idea & philosophy practiced throughout History – by Dictatorships.
History – never Lies.
Stabilization of the declining Economy of Hungary – the “Massing” imploding of Hungary we are living in & witnessing factually occuring around us – besides China & Russia – our “Bread Lines” which are under enourmous PRESSURES – who are our FRIENDS ???
What is GOING to bring about Economic & Financial STABILITY – to Hungary ???
Is it the case of looking at this expression – below” – and “getting down & dirty” – becoming pro-active and encourage SOLIDARITY – to save Hungary – from the Nadir trend we are decending at this point in time ???
We remain passive – that SEE’s us – being “swollwed” up – in horrendous esculation of Inflation – 2.8 milk litre example – what a PRICE we are paying – and the cost of living – the BROADNESS picture of Cost of Living – in Hungary – literally EXPLODING.
Hungary :
“When the YOKE is Broken,
the BURDEN is Removed.”
What direction do we Head – what and who is the YOKE ?
THAT decisions we OWN and are RESPONSIBLE for – our OWNERSHIP – in our COURT.
Do we live with it or REMOVE it – orderly and through – what Hungary promotes it-self a DEMOCRACY – falsely practiced – propaganda driven & promoted by the Orban led Dictatorial Government – remove it – by a CORE practice /process of Democracy ?
What we are Faced & CHALLENGED with in Hungary – is on the SCARY side.