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Breaking news! China is investing 3 billion euros in Hungary’s automotive industry in the coming period
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China is investing 3 billion euros in Hungary’s automotive industry in the coming period, Péter Szijjártó, the minister of foreign affairs and trade, said after talks with Minister of Commerce Wang Wentao in Beijing on Monday. This will further strengthen Hungary’s position as a top investment destination in central Europe, he added.
Szijjártó had talks with the chief executives of five major Chinese companies, four of which will implement investments in Hungary’s electric car industry which supplies German manufacturers, according to a foreign ministry statement.
The new investments will make a significant contribution to Hungary’s ability to maintain its economic growth, the minister said, adding that
the projects would be implemented in the interest of renewing Europe’s automotive industry and meeting the demands of German manufacturers.
Chinese companies, he said, consider the country a top destination for their investments in central Europe, noting that by the end of 2022, Hungary had the largest volume of Chinese investments in the region. “We want to continue maintaining this trend … so we’ll encourage additional investments from China, giving them the maximum possible support,” he said.
In the context of the war in Ukraine, Szijjártó said that among the most negative consequences of the war was the re-emergence of blocs in the world which, he added, went against Hungary’s interests. “We want connections, not blocs, to be a basis on which the world operates in the coming period … We think that China’s global initiatives serve to achieve this goal, so we support these,” Szijjártó said, emphasising the need to build EU-China cooperation based on mutual trust and benefits.
“We do not agree with the position that brands China as a threat. Our position is that there are enormous opportunities in cooperation with China as a partner.”
“For this reason, we’d like to develop steady cooperation between the EU and China, and placing Chinese companies on a list of EU sanctions or introducing restrictions on their exports would be insupportable,” Szijjártó said.
He noted that in 2022 China’s GDP expanded to a new record, exceeding the total GPD of the European Union, while it created 12 million urban jobs within a single year.
“These results indicate that Europe can only benefit from cooperation with China, and this is why we are urging strong cooperation built on mutual respect,” the Hungarian foreign minister said.
As we wrote today, government wants to rely on China’s Huawei for digitalisation, says minister in Beijing.
Szijjártó: CATL battery plant encourages further Chinese investment in Hungary
The building of the battery plant by China’s CATL in Debrecen, in eastern Hungary, is already stimulating other Chinese investments in the country, too, Minister Szijjártó said in Beijing on Monday.
Once the Chinese have control over large sectors of the Hungarian economy next comes application of levers of political influence on the Hungarian government. Secret Chinese “police stations” have been established in countries around the world which are used to monitor and direct Chinese residents abroad. Chinese residents in Hungary are under the eye and influence of the Beijing government. Italy recently pulled out of the Belt and Road initiative thus rejecting drift into Chinese economic influence. Make no mistake. The fascist Chinese regime is an adversary to the free world and will become more of a challenge in the future.
Selling ourselves out to the Chinese – MOUNTS.
When DO millions of Hungarians WAKE Up to this FACT, that we CONTINUE to let Orban and his “Mob” sell us off.
Hungary are a VERY very cheap INVESTMENT for China, and the NEED of Orban from a Financing perspective – as our PRINCIPAL Bankers, the “Deals” on-going being afforded China at rock bottom prices – just APPALLING.
Budapest,Hungary – the NEW Silk Road, the meeting of the East with the West -that China are taking every OPPOTYUNITY to their ADVANTAGE.
DEMOCRACY just continues to be PULPERIZED in Hungary by Victor Orban and his “Mob.”
It’s good to diversify our sources of revenue and commodities, while always keeping in mind that China is no more trustworthy than Russia, the E.U., Turkey, the U.S., or anyone else. They’re all in it for themselves, and we must be, too. Larry’s comment above is very true: Accept their moolah but keep a close eye on what they’re up to.