Government: Our policy of opening to the East is working
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Chinese companies have chosen Hungary as their top investment destination in Central Europe, Péter Szijjártó, the minister of foreign affairs and trade, said on Friday, showing that the government’s strategy of opening up to the East is bearing fruit.
The minister spoke at a ceremony at Wanhua-owned BorsodChem’s plant in Berente, in north-eastern Hungary, after a series of investment worth HUF 160 billion (EUR 430 million) including a nitrobenzene plant with an annual capacity of 240,000 tones, an aniline plant with a capacity of 200,000 tonnes, and a concentrated nitric acid plant with a capacity of 1,000 tonnes per year which received HUF 1.4 billion in state support.
He said the role of China “which now has the world’s second largest economy is … vitally important to the world’s economy,” according to a ministry statement quoting Szijjártó.
After record investments from China in 2020, this year, too, most of Hungary’s investments will be Chinese, he said, adding that bilateral trade also set a record of USD 13 billion last year.
Beware the gift of the Trojan Horse.
Don’t think it’s a case of opening to the east, more that China has got its claws into Hungary’s failing economy.