Six thousand billion forints worth of Chinese corporate investment is taking place in Hungary today

Currently, HUF 6,000 billion worth of Chinese corporate investments are taking place in Hungary, which will create around 25,000 new jobs, bringing the most advanced technological standards to our country, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Tuesday in Beijing.

The head of the ministry first consulted with former Chinese trade minister Zhang San, chairman of the Finance and Economic Committee of the National People’s Assembly, and then reported good news, saying that the East Asian country’s economy expanded by more than five percent last year, and this pace was he was able to keep it in the first quarter of this year as well.

“This is good news not only for China, but also for Hungary, since, in addition to the German economy, it is now the Chinese economy that has the greatest impact on the performance of the Hungarian economy. The better the Chinese economy is doing, the better the Hungarian economy is doing too,” he stated.

He underlined: the main reason for this is that our country has become the number one European destination for Chinese corporate investments. “Chinese investment worth six thousand billion forints is taking place in Hungary, factory construction worth six thousand billion forints is currently underway,” he declared.

“When these factories are built and start production, they will create a total of 25,000 new jobs. 25,000 new jobs that will provide Hungarian families with a secure livelihood, and 25,000 jobs that will bring the most advanced technological standards to Hungary,” he added.

Péter Szijjártó emphasized that these investments are primarily related to the modern automobile industry, in which sector Chinese companies have now acquired an absolute market-leading position in the world, and it is therefore to be welcomed that these companies are the first in Europe to bring their factories to Hungary.

After that, he called it good news that the value of bilateral trade exceeded ten billion dollars last year as well, and it will most likely be the same this year as well.

The minister stated that not only Chinese companies are appearing in increasing numbers in our country, but also Hungarian companies are increasingly finding their calculations in China.

As an example of this, he gave the fact that the MVM subsidiary, which manufactures cooling systems for power plants, achieved the best results of all time in the country last year, winning tens of millions of dollars in investment, and thus several power plants currently under construction will use Hungarian cooling technology.

“During today and tomorrow, we will also hold discussions with the leaders of many large Chinese companies. Hopefully, these negotiations will mean more jobs in Hungary,” he said. Finally, he emphasized that he will also hold talks with the trade and foreign ministers on Wednesday, also considering that the two countries are celebrating the 75th anniversary of the establishment of diplomatic relations this year.

“The cooperation between China and Hungary has been of great benefit to both countries in recent years, and the possibilities for the coming years also promise good hopes,” he concluded.

(MTI)