China Invests €3 Billion in Hungary’s Auto Industry
China to Invest 3 Billion Euros into Hungary’s Automotive Industry
China has announced an investment of up to 3 billion euros in Hungary’s automotive industry in the coming period, according to Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Trade. The move will boost Hungary’s position as a top investment destination in central Europe, said the minister. During a visit to Beijing, Szijjártó held talks with the CEO of five major Chinese companies, four of which will be involved in investments in Hungary’s electric car industry that supplies German manufacturers. These new investments will help Hungary maintain its economic growth and support the renewal of the European automotive industry, he added.
Hungary has the largest volume of Chinese investments in the region, and the country is keen to maintain this trend by encouraging additional investments from China. According to Szijjártó, Chinese companies favour Hungary as a top destination for their investments in central Europe. He highlighted the need to build EU-China cooperation based on mutual trust and benefits, stating that China’s global initiatives serve to achieve this goal.
The Hungarian foreign minister dismissed the notion that China should be treated as a threat; instead, he highlighted the enormous opportunities for mutual cooperation with China as a partner. He noted that Hungary and China could count on each other to increase the “voice of the peace camp” and urged cooperation towards achieving a ceasefire in Ukraine.
Additionally, Szijjártó said that the building of the battery plant by China’s CATL in Debrecen, in east Hungary, is already stimulating other Chinese investments in the country. These developments are helping Hungary become more competitive within Europe, given that Chinese investments bring cutting-edge technology to their new bases. The minister said that investments in the electric vehicle industry ensure Hungary remains a leader in the fight against climate change. The transition to electric vehicles is critical since a considerable 14% of global harmful emissions are linked to public road transport, he added.
