Hungarian Government Sees China’s Economic Growth as Opportunity for Hungary
Representatives of some 250 companies participated in a Hungarian-Chinese business forum in Budapest, showcasing the strong economic and political ties between the two countries. Levente Magyar, a state secretary at the Ministry of Foreign Affairs and Trade, highlighted the significance of the forum, noting that it was the largest of its kind to date.
The stable relationship between Hungary and China has been cultivated over 15 years, resulting in advanced bilateral ties that are now proving to be valuable in the current geopolitical climate. Magyar emphasized the opportunities presented by China’s economic growth for Hungary, especially in knowledge-intensive and high value-added investments.
During talks with Ling Ji, China’s deputy minister for commerce, the focus was on areas such as energy, digitalisation, research and development, as well as increasing bilateral trade and investment volume. Ling Ji highlighted the welcoming attitude of China towards Hungarian IT and biotechnology companies, pointing out that the strategic partnership between the two countries had been strengthened during Chinese President Xi Jinping’s visit to Budapest a year prior.
China’s Belt and Road Initiative aligns with Hungary’s Eastern Opening policy, according to Gong Tao, China’s ambassador to Hungary. He noted the 11.4% increase in bilateral trade to USD 16.2bn last year, showcasing the growing economic cooperation between the two nations. At the forum, China’s Sinochem signed a memorandum of understanding with two Hungarian companies for the purchase of refined sunflower seed oil.
The successful organization of the forum was a result of collaboration between China’s Ministry of Commerce, the Ministry of Foreign Affairs and Trade, the Hungarian Export Promotion Agency (HEPA), and the Hungarian Investment Promotion Agency (Surpass).
Overall, the Hungarian-Chinese business forum served as a platform for further strengthening economic ties and promoting mutual collaboration between the two nations in various sectors.
