Hungary, the world’s third biggest battery manufacturer in 2021, has made its mark in the sector, a government official said at a cornerstone ceremony in Biatorbágy, near Budapest, where Chinese manufacturer NIO will turn out battery swap stations.
Hungary’s foreign policy on mutual respect
Constant investments in the car industry vindicate the government’s policy of opening up to the East, Tamás Menczer, state secretary for the development of bilateral relations at the ministry of foreign affairs and trade, said on Friday.
More than a decade ago, nearly 80 percent of global investments were financed by Western capital, whereas now the tables have turned and 70 percent of investments are financed by Eastern capital.
Menczer said Hungary had always based its foreign policy on mutual respect, and this applied in the case of China, too.
- Read also: In the largest investment ever in Hungary: Chinese battery manufacturer to invest EUR 7.5bn
Finance minister inaugurates new cheese plant in South Hungary
The war-related inflation and energy crisis have highlighted the importance of self-sufficiency and a robust domestic agriculture and food industry, Finance Minister Mihály Varga said on Thursday, inaugurating a cheese plant in Szekszárd, in southern Hungary.
The 5 billion forint (EUR 12.4m) investment was supported by a 2 billion forint government grant, the ministry cited Varga as saying. The new plant will produce 19,000 tonnes of cheese every year, he said.
Despite the “wartime crisis”, Hungarian food companies increased their investments to 170 billion forints on the first half of 2022, he said. Thanks to government support, the output of Hungarian agriculture has grown by almost 30 percent in the past 12 years, he added.
By now, over 70 percent of food sold in retail stores comes from domestic sources, he said. The government has supported the sector with a loan moratorium and new loans amid the grave drought, he said.
Read alsoBosch building EUR 10.6m engineering centre in W Hungary
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