New Chinese investment worth EUR 10 billion in talks in Hungary

Talks are currently under way with four large Chinese companies that could result in EUR 8-10 billion worth of investment in Hungary, Foreign Minister Péter Szijjártó said on Monday.

The ministry cited Szijjártó as saying that he had met Wang Yi, the director of the Central Foreign Affairs Commission of the Chinese Communist Party, for the 15th time and Hungary profited greatly from cooperation with China, which was crucial for Hungary to emerge stronger from every crisis.

“We have been working for eight and a half years on developing a strategic and comprehensive system of relations between Hungary and China, to achieve a true partnership,” he added.

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It was partly thanks to this cooperation that Hungary was able to launch a vaccination campaign during the coronavirus pandemic earlier that the European average, and during the current war crisis, relations between the two countries have again proven to be strategic, he said.

Environmental concerns have resulted in a political decision in Europe to make the transport sector greener, which requires electric cars and batteries, he said. Companies from the East, especially Chinese companies, are by far the market leaders in this field, he added.

Thanks to successful talks in recent years, agreements were signed on Chinese investments that brought the most modern and environmentally friendly technologies to Hungary, also creating thousands of jobs, he said. “Let’s not forget that in the darkest year of the global economy, we were able to announce the largest investment in Hungary’s economic history,” he said.

“And a series of talks are currently under way with four large Chinese companies that could bring 8-10 billion euros worth of investment to Hungary,” he added. He welcomed Beijing’s willingness to speed up investments and expand bilateral trade which reached 12 billion US dollars already last year.

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“Additionally, cooperation in agriculture has also been developing, with Hungary having the largest number of import licenses on food products in China from the central and eastern European region,” he said.

Szijjártó said it was crucially important where Chinese tourists would first return after the lockdowns caused by the pandemic and noted that Hungary was one of two European countries and the only European Union member where Chinese travel agencies were already permitted to organise group travel to. A total of five air services operate between Hungary and China every week, he added.

He also said that the war in Ukraine had an extremely negative effect on Hungary and Europe, and it was good news that China was ready to take action to create peace and “we can work together in large international organisations in order to have peace return to Ukraine”.

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Source: MTI