Image Credits - CGTN
Hungarian Investment Promotion Agency (HIPA) CEO Istvan Joo expressed optimism about the mutually beneficial relationship between China’s technology and economic growth and Hungary’s development. The sentiment follows the announcement of an elevation in bilateral relations between the two nations to an all-weather comprehensive strategic partnership for the new era.
China and Hungary, in a statement issued on Thursday, reaffirmed their dedication to enhancing cooperation between the Belt and Road Initiative (BRI) and Hungary’s “Eastern Opening” strategy. A key aspect of this partnership entails the establishment of an inter-governmental cooperation mechanism on the China-Europe Railway Express, emphasizing the importance of high-level connectivity in Central and Eastern Europe.
Central to their collaborative efforts is the advancement of infrastructure connectivity, particularly through projects like the Hungary-Serbia Railway, deemed a landmark initiative under BRI cooperation. The joint statement highlights joint efforts to ensure the security and efficiency of transport routes, thereby facilitating enhanced economic and trade cooperation between the two nations.
Hungary’s strategic positioning as a bridge between East and West has facilitated burgeoning economic ties with China. Joo noted Hungary’s success in attracting investments from Chinese companies, particularly in key sectors like automotive and energy. Chinese electric vehicle manufacturer BYD’s decision to establish a production base in Szeged underscores Hungary’s appeal as an investment destination.
In 2023, China emerged as the largest investor in Hungary, contributing to the country’s record volume of foreign direct investment. Looking ahead, HIPA is actively promoting investment opportunities in Hungary’s southern regions, leveraging available labour reserves to attract further Chinese investment and foster economic growth.