N

FM: Chinese investments help Hungary's growth

Chinese investments may allow Hungary to maintain growth when Europe appears on the cusp of recession.

Péter Szijjártó, Minister of Foreign Affairs and Trade, said large Chinese investments may allow Hungary to maintain growth when Europe appears on the cusp of recession.

Following talks with Chinese counterpart Wang Yi on the sidelines of the UN General Assembly session in New York, the minister said that since Hungary is benefitting greatly from bilateral cooperation built on mutual interests and respect, maintaining that cooperation is in Hungary’s national interest. China will be the largest investor in Hungary in 2022, as it was in 2020, Minister Szijjártó said, noting Chinese battery maker CATL’s recently announced HUF 3,000 billion (EUR 7.5bn) investment in eastern Hungary, the largest investment ever in the country.

Minister Szijjártó said that Wang had reassured him that China valued Hungary’s stable political-economic status and competitive investment environment. Hungary will therefore encourage Chinese companies to consider the country a European economic bridgehead for further investments. He noted a record volume of bilateral trade last year, adding that its volume had already increased by more than 7 percent to a total 6.5 billion dollars in the first six months of 2022.

The minister said cooperation between Hungary and China has always rested on mutual respect, adding that Beijing had never set any political criteria in connection with economic matters. “This is the foundation of mutual trust” between the countries, he said. “Based on this trust, we urge the European Union to maintain a similarly effective and mutually beneficial cooperation with China,” Minister Szijjártó said. The Hungarian foreign minister welcomed the relaunch of direct commercial and cargo flights between the two countries after the coronavirus pandemic. Hungary continues to support the One China principle, Minister Szijjártó said.

Photo credit: Facebook/Szijjártó Péter