Hungarian government signs important economic cooperation agreements in China – UPDATE

Economic Development Minister Márton Nagy signed four cooperation agreements in China on Monday, after Prime Minister Viktor Orbán’s talks with Chinese Premier Li Qiang, his ministry said in a statement.

Nagy signed agreements on strengthening cooperation in the areas of the digital economy, cooperation and exchanges in economic development policy, cooperation on technological development and cooperation on strengthening digital economic development, the ministry said.

It noted that China is Hungary’s ninth-biggest trading partner and the world’s second-biggest economy. China’s economy has undergone extraordinary development over the past decades, turning the country into a global technological superpower, he said. Hungary aims to be a part of the global economy’s technological advancement, which requires deepening economic ties between the two countries, with a special focus on digitalisation and the development of the Digital Silk Road, Nagy said.

The agreements signed on Monday are aimed at bolstering cooperation in the areas of the digital economy, new energy carriers and CO2 reduction, 5G and 6G networks, the manufacture of pharmaceuticals and medical equipment, SMEs, the green economy and artificial intelligence, among others, he added.

The Hungarian economy now rests on more and more pillars, as since 2010 it has been transformed from a “periphery region” into a significant meeting point for Western and Eastern capital in high-tech sectors like electric vehicle manufacturing, Nagy said. This boosts investment and the export-based economy, contributing to growth and the protection of jobs and families, the ministry cited Nagy as saying.

As we wrote before, Asian guest workers flood Hungary but Chinese, Korean plants may never start operation, details HERE.

Also we wrote today, that Hungary continues to be a good friend of China, says PM Orbán in Beijing, details HERE.

UPDATE

Orbán holds talks with China Construction Bank chairman

PM Orbán held talks with China Construction Bank (CCB) chairman Tian Guoli in Beijing on Monday.

Citing a press release from the parties, Tian received Orbán’s delegation and accompanied the Hungarian officials to inspect the Dao Xiang Hu technological innovation retreat centre.

Tian welcomed the prime minister and his delegation, and they reviewed the friendly talks and cooperation between China and Hungary in recent years. The CCB chairman also spoke highly of Hungary’s Eastern Opening policy and the achievements of China’s Belt and Road Initiative.

Tian thanked the Hungarian government for its guidance for the CCB branch opened in Hungary earlier this year. He said the bank would consider the opening of its Hungarian branch a “new starting point” for providing better financial services to both countries’ clients and giving new momentum to their bilateral partnership.

He said the two new Hungarian Nobel laureate scientists demonstrated Hungarians’ talent for science and innovation to the world. CCB has made significant progress in the area of fintech solutions in recent years, and has set up a fintech laboratory in Hungary with a view to exploring future directions in the field together with Hungary, using Chinese market capacity and funds as well as the technological know-how of the two countries, Tian added. He expressed hope that this cooperation would yield “further success stories” for the partnership between China and Hungary.

Orbán said Hungary in the current geopolitical situation remained committed to its Eastern Opening policy as well as to strengthening its dialogue and cooperation with China. He thanked CCB for the support it has provided to Hungary in recent years.

Orbán congratulated the bank on its opening of a branch in Hungary, calling it “a wise decision”. By bolstering their ties, Hungary and China have taken their economic and trade cooperation to the next level in recent years, he said, adding that Hungary welcomed CCB’s local branch as a partner in electric vehicle production, new energy projects and numerous other areas.

Source: MTI