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Aug 25, 2020

Hungary and China to restart economic cooperation

Péter Szijjártó, Minister of Foreign Affairs and Trade, said China and Hungary strove to restart economic cooperation after a setback due to the coronavirus pandemic this spring.

 

Péter Szijjártó, Minister of Foreign Affairs and Trade, said China and Hungary strove to restart economic cooperation after a setback due to the coronavirus pandemic this spring.

According to MTI, Minister Szijjártó told a joint online news conference with his Chinese counterpart that cooperation was valued on both sides. The talks during his visit focused on setting up a schedule to restart cooperation.

The minister said China is Hungary’s second most important source of imports, and Chinese companies have invested over five billion dollars in the country so far. Bilateral ties are key to the Hungarian economy making a speedy recovery, he said.

Cooperation between the two countries’ national banks will be expanded to boost financial stability, he said. The Chinese development bank is set to become the fourth Chinese bank to open a representation in Hungary, he said.

The minister said new investments are also in the pipeline. Chemical company Wanhua is planning to invest HUF 300 forints (EUR 853.8m) in Hungary over the next five years, he said.

Minister Szijjártó thanked China for its help during the pandemic. The delivery of more than 90 million masks, 40 million protective suits and 800,000 doses of medication on 185 planes from China were key in Hungary’s successful defense against the pandemic, he said.