• Coronavirus in Hungary
  • coronavirus
  • Budapest
  • Covid immunity certificate in Hungary
  • Covid immunity certificate/vaccine passport
  • Hungary border control
  • HelloMagyar
<strong> Chinese automotive supplier giant to set up European base near Budapest </strong><strong> Chinese automotive supplier giant to set up European base near Budapest </strong><strong> Chinese automotive supplier giant to set up European base near Budapest </strong><strong> Chinese automotive supplier giant to set up European base near Budapest </strong>
  • Politics
  • Business
  • Society
  • Sport
  • Culture
  • Special Hungary
  • World
  • Contact Us
  • About us
  • About us
  • Contact Us
  • Privacy Policy
✕
Support us
DNH 2021 DNH 2021 · 17/02/2022
· Business

Chinese automotive supplier giant to set up European base near Budapest

China development Hungary investment

Chinese automotive industry supplier Baolong will build a 5 billion forint (EUR 14.1m) plant to make parts for electric and smart vehicles in Szigetszentmiklós, near Budapest, Péter Szijjártó, the minister of foreign affairs and trade, said on Thursday.

The government is supporting the greenfield investment, which will create 35 new jobs, with a 1.5 billion forint grant, the Ministry of Foreign Affairs and Trade cited Szijjarto as saying. Baolong is bringing its European base for electromobility strategy to Hungary, Szijjártó said, adding that the investment would give new momentum to Hungarian-Chinese economic cooperation. The minister said the auto industry, which he described as the backbone of the Hungarian economy, was undergoing revolutionary change.

“This is the most significant and most impactful process taking place in the global economy today,” Szijjártó said, adding that the countries that were successful in embracing it would see long-term economic growth and gain a long-term competitive advantage.

“We can say without any exaggeration that Hungary is the champion of this transition,” he said, arguing that Hungary was the world’s fifth biggest exporter of electric vehicle batteries.

  • Read also: Ferrari, Maserati, Lamborghini parts to be made in this Hungarian city!

Szijjártó said it was also clear that Eastern companies were becoming increasingly bigger players, adding that their decisions on where to invest in Europe would have a fundamental impact on economic competition on the continent.

He said Hungary was benefitting greatly from its economic and political cooperation with China. Bilateral trade turnover exceeded 11 billion dollars last year, up 11 percent from 2020, he said.

He slammed Europe’s “hypocrisy” concerning economic ties with China, arguing that while the more powerful European countries were criticising the smaller ones for their relations with China, “they are the ones making the biggest deals”.

“We will continue to favour pragmatic relations with China based on mutual respect,” Szijjarto said. “We will leave hypocrisy to those who are big enough to let their words contradict their actions.”

Thomas Péterffy American-Hungarian businessman Viktor Orbán
Read alsoHungarian businessman among the world’s wealthiest investors

Source: MTI

China development Hungary investment
Share
DNH 2021
DNH 2021

Related posts

Fuel station
25/05/2022

Petrol tourism is at its peak in Hungary!


Read more
worker chinese migrant
24/05/2022

Orbán cabinet to ease hiring temporary workers from the Far East


Read more
worker industry hungary
24/05/2022

Gross median wage up by double digits in Hungary


Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

SUPPORT US
Latest news
  • Orbán’s announcement: govt to protect utility cuts, cut excess profits
  • Why is the Hungarian language so different from other neighbouring dialects?
  • The 78-year-old mayor who married a girl 60 years his junior shared his secret
  • Hungarian forint plunges ahead of Orbán’s announcements

Subscribe to our newsletter

Sign up to receive daily updates, news & stories about Hungary!

Select your location below or enter your country so we can deliver our morning newsletters to you in time.


Thank you!

You have successfully joined our subscriber list.


.

About us

Contact us

© 2022 DailyNewsHungary. All rights reserved!
Posting....