Minister Gulyás: It’s in Hungary’s interest to attract as much Chinese investment as possible

Hungary’s interest is to attract as much Chinese investment as possible, Gergely Gulyás, the head of the Prime Minister’s Office told a regular press briefing on Thursday.

The more Chinese investment attracted to Hungary, the better

Photo: MTI/Balogh Zoltán

Gulyás said Hungary pursued the principle of connectivity in international cooperation, and the government would like to be able to conclude mutually beneficial deals with everyone wherever these countries produce the best products.

Agreements are also concluded with China in areas in which that country represents the top category in the world, he said.

In the international economy, the strong do not isolate themselves, but cooperate, the minister said, adding that this is what the government will represent at Thursday’s and Friday’s meetings.

Government official: Hungary, China to further strengthen digital trade links

Strengthening Hungary-China economic links is important to both countries, the finance ministry state secretary in charge of tax affairs said on Thursday after signing a letter of intent for trade cooperation with Wu Jiang, a representative of the Shandong Dihao International Investment Limited Company.

The ministry cited Norbert Izer as stating that the agreement served to ensure the continual and dynamic increase in the Hungarian economy’s competitiveness, in which effective cooperation with China is of crucial importance.

China is one of the most important trade partners for Hungary outside Europe, so cooperation between the two countries is vitally important in the areas of infrastructure, trade, and especially digital trade, he said.

The agreement serves to assess the necessary conditions for digital trading, and to establish and develop good practices, he said. Cooperation of this type can help both the authorities and businesses, making positive changes in various areas of everyday life, he added. The agreement will help the enforcement of regulations, strengthen trade links, support technological development and make consumer protection more effective, he added.

The government is dedicated to enhancing Hungarian companies’ competitiveness and reducing their administrative burdens, and the current agreement also represents progress in this area, he said.

President Sulyok receives Chinese President Xi in Budapest

Tamás Sulyok receives Xi Jinping. Photo: MTI/Bruzák Noémi

President Tamás Sulyok received Xi Jinping, the Chinese president, in Budapest on Thursday, at a ceremony also attended by Prime Minister Viktor Orbán.

The Chinese president, during a plenary discussion with Sulyok at the presidential Sándor Palace, said cooperation between China and Hungary was based on mutual respect and trust. “You know who your true friends are in times of hardship,” Xi said, quoting a Hungarian proverb.

Sulyok quoted Hungary’s Fundamental Law, saying Hungary respected other peoples’ freedom and culture and strove for cooperation with all nations of the world. He said Hungary continued to work to become a bridgehead between East and West.

Sulyok and Xi agreed that good political ties and mutual trust were at the heart of expanding economic, trade, investment and personal relations.

The leaders said the upgrade of the Budapest-Belgrade railway line and the direct flights between Budapest and seven Chinese cities were implementations in practice of those principles. Hungary is also a beneficiary of China’s visa exemption programme, they noted.

Ties in education resulted in 2,481 Chinese students studying in Hungary in the 2022/2023 academic year, showing the growing popularity of Hungarian universities among them, they said. Hungary is also the only country in Europe to have a bilingual Hungarian-Chinese elementary and secondary school where the pupils are taught subjects in both languages, and Confucius Institutes operate in Hungary’s five largest cities, they added.

Meanwhile, Hungary has taken large strides to support the green transition of the car manufacturing industry. Chinese battery manufacturing giant BYD’s decision to build its first European plant in Hungary would add further momentum to that process, they said.

Meanwhile, CATL’s 3,000 billion forint (EUR 7.7m) investment in Debrecen, in eastern Hungary, is the country’s largest green-field investment, they said.

At the meeting, Xi expressed thanks for the “warm welcome and expressions of true friendship”.

He wished Hungary every success during its upcoming EU presidency, adding that he hoped the two countries’ ties would be further deepened and pragmatic cooperation expanded.

Xi invited Sulyok to Beijing, and the Hungarian president accepted his invitation.

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