Orbán Cabinet is proud that Hungary is the number one destination for Chinese investments in the field of CCE
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Addressing the sixth China International Import Expo in Shanghai, Economic Development Minister Márton Nagy underlined Hungary’s opposition to policies supporting the formation of geopolitical blocs, saying the country strived for connectivity between East and West.
“We are proud that Hungary is the number one destination for Chinese investments in central Europe,” Nagy said, according to a ministry statement. He said the fact that 34 percent of FDI now came from Eastern economies compared with less than 10 percent in 2010 was a testament to the success of Hungary’s strategy of opening to the East.
Hungary is in the process of developing the ecosystem tied to electric vehicle manufacturing, which will involve Eastern and Western companies working together to make electric motors, batteries, solar panels, electric chargers and complete vehicles, the minister said.
Nagy said Hungary’s current FDI stock of 100 billion euros could double by 2030, pointing out the advantages of strong FDI inflows.
He said that at a macro level, foreign direct investment bolstered production and foreign trade. By 2030, Hungary’s export-to-GDP ratio could reach 100 percent, with export complexity remaining among the highest in the world, he said. All this could help Hungary’s development level reach 90 percent of the European Union average by the end of the decade, he added.
At a micro level, Nagy said, FDI inflows had a multiplier effect on the development of Hungarian businesses when it came to R+D and technological advancement. The government’s aim is for there to be as many Tier1 Hungarian suppliers in the supply chains of the plants operating in Hungary as possible, the minister said.
Hungary is the number one fool of central Europe taking the Chinese Trojan Horse right up its’ rear.
From The Telegraph Economic Intelligence newsletter: “The Silk Road (Belt And Road Initiative) is discredited as a Trojan horse. Italy has withdrawn. So have the Baltic states. The German city of Duisburg is trying to forget that it ever became infatuated. “We’ve sobered up,” said the Duisburg port chief, Markus Bangen.
For China it has been the culminating failure of a $1 trillion quest for global influence that has left a trail of bad debts and white elephants. Total Silk Road investments have collapsed to $5bn a year. Xi Jinping’s signature plan has fizzled to nothing”
We can now add the Budapest to Belgrade rail line to the list of white elephants.