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Dec 17, 2019

FM: Cooperation with Asia is crucial for Europe improving its competitiveness

Minister Szijjártó revealed that South Korean investments in Hungary surpassed those of any western countries for the first time in 2019.

The foreign minister has said building the closest technology investment and business cooperation with Asia is crucial for Europe improving its competitiveness.

During the Asia-Europe Meeting, Péter Szijjártó, Minister of Foreign Affairs and Trade, said Hungary urges closer ties between the European Investment Bank, the Asian Infrastructure Investment Bank, and the Budapest-based International Investment Bank to promote Europe-Asia ties.

According to MTI, Minister Szijjártó revealed that South Korean investments in Hungary surpassed those of any western countries for the first time in 2019.

The minister said that for the West and Europe, Asia is now the source of new technologies that determine global economic development. Ten years ago, 77 percent of global investments were funded by Western capital. Now 47 percent of that funding comes from the East, he said, adding that Asia’s role in shaping global economic processes is increasingly important.

Minister Szijjártó said Hungary, largely an exporter, wants the new EU Commission to speed up the slow pace of free trade talks with Asian countries. He also discussed further increasing Hungarian food exports with the foreign ministers of Laos, Thailand, Kazakhstan and the Philippines.

Finally, the minister confirmed that Hungary is providing 2,100 scholarships to Asian students as part of ASEM cooperation.

Photo credit: Hungary Today