Hungarian FM Szijjártó announces major Chinese investment

China’s automotive company Xinzhi is creating almost 900 jobs by investing HUF 50bn in a new plant it is building in Hatvan, east of the capital, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday.

Szijjártó talks about strengthening Hungary’s position

Szijjártó said this investment further strengthens Hungary’s position in the global market for transitioning to EVs. He said Xinzhi is a market leader in the production of one of the most important basic units of electric motors. The minister said the company is also bringing serious research and development activities to Hungary, in addition to production, and will be hiring 30 highly trained engineers.

“The electric car industry is still in the early stages of its development, so R+D plays a really big role now,” the minister said noting that the R+D work of the company will be of particularly high added value.

Szijjártó said Europe’s economic competitiveness and security have deteriorated significantly in recent years, and the only way to stop this economic decline is if the continent strengthens its role in the electric automotive transition and does not hand over this opportunity to others. “Hungary is at the forefront of this process, it is a stronghold and leader in global automotive renewal,” he added.

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One comment

  1. Let´s be clear: the Chinese are here for grants, incentives, cheap labour and having our Politicians on speed dial in case of issues. AND because we are part of the European Union and by extension the Common Market. Not subject to carbon border adjustments, tariffs, free movement of goods, etc.

    Did I mention the grants and incentives are also in part funded by the EU?

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