articleimg-1
May 15, 2017

Hungary to become involved in China's "One Belt, One Road" policy

China is regarded as an important and comprehensive strategic partner, and new opportunities would be opening up in Hungarian-Chinese economic relations as a result

Prime Minister Viktor Orbán held talks with Chinese President Xi Jinping and Chinese Prime Minister Li Keqiang in Beijing on Saturday, and several agreements were concluded between the two nations.

Peter Szijjártó, minister of Foreign Affairs and Trade, revealed that Hungary will now be involved in China's One Belt, One Road policy.

The minister said that China is regarded as an important and comprehensive strategic partner, and in his opinion new opportunities would be opening up in Hungarian-Chinese economic relations as a result.

“The Chinese President’s One Belt, One Road strategy represents a major opportunity for Europe, which the continent must exploit," Minister Szijjártó said during the One Belt, One Road international forum in Beijing.

“In view of the fact that the competitiveness of the European Union is continuously decreasing, it needs strategies that enable the halting of this process and the regaining of competitiveness," the minister said. "The closest possible relations must be maintained with the world’s most rapidly developing region, the Asian and Southeast Asian region," he added.

“We must realize all of the transport, energy and infrastructure development projects that serve to improve the future economic strength of Hungary and the EU made possible by the One Belt, One Road program and the Eastern Opening strategy," Minister Szijjártó declared.

In addition to securing technological investment and collaborations, the Hungarian government would like as many infrastructure development projects and Asia-Europe routes as possible to reach Europe via Hungary, which would also lead to an increase in export opportunities.

Hungary would also like to be the destination for a significant proportion of the Chinese investments made in Europe within the framework of the One Belt, One Road strategy, a goal which is being outstandingly served by the tax cuts introduced in recent years, the tax benefits for research and development and the Digital Hungary Programme.

The One Belt, One Road commercial infrastructure development strategy launched by China in 2013 is made up of two parts, the “Silk Road Economic Belt Programme” and the “21st Century Maritime Silk Road Programme”.