In light of the Belt and Road Initiative’s (BRI) 10th anniversary, Hungary has expressed eagerness to deepen its partnership with China, as stated by Hungarian Minister for National Economy Marton Nagy. Nagy emphasized Hungary’s intent to advance cooperation with China across various sectors, including foreign trade, capital investment, infrastructure, logistics, artificial intelligence, and new energy, among others.
The collaboration between Hungary and China has been longstanding and stable, founded on mutual trust and respect. In 2023, Hungary succeeded in attracting significant foreign direct investment totaling 13 billion euros, with Chinese investments contributing approximately 8 billion euros. Significant strides have also been made in financial collaborations, with institutions like the Bank of China establishing Budapest as its Central and Eastern European headquarters and other Chinese financial entities planning to open branches in Hungary.
As the first European nation to sign a BRI cooperation document with China, Hungary has aligned closely with the initiative, which has synchronized well with Hungary’s “Opening to the East” policy. This alignment has substantially enhanced bilateral cooperation in trade, investment, and finance, among other areas.
Nagy highlighted the BRI’s global importance, noting its role in energizing trade and economic cooperation among participating countries. He specifically pointed out the Budapest-Belgrade railway project as a key BRI initiative that not only benefits Hungary and Serbia but also supports economic growth across the region.
Furthermore, Nagy discussed the broader economic implications of China’s advancements, particularly in the electric vehicle (EV) sector. He expressed concerns about the European Union’s ongoing anti-subsidy probe into China’s EV industry, cautioning against the potential introduction of tariffs on Chinese electric cars. Such protectionist measures, he argued, could be detrimental, particularly in the electric vehicle sector.
Nagy also noted that Chinese companies like Contemporary Amperex Technology Co. Limited (CATL), EVE Energy, and EV maker BYD are planning production facilities in Hungary, which positions the country as a significant hub for electric car and battery manufacturing. This investment is seen as a pivotal opportunity for Hungary, indicating its strategic importance in China’s expanding EV industry. By embracing these developments, Hungary not only enhances its own economic landscape but also contributes to the broader dynamics of global travel and tourism, facilitating increased connectivity and cultural exchange.
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