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Chinese Investors Encouraged to Expand Their Capacities in Hungary

Hungary and China are strategic partners, and the cooperation between the two countries has significant advantages, the Foreign Minister said in a video posted on his Facebook on Saturday. Péter Szijjártó also expressed his gratitude for Hungary’s invitation to the World Battery Conference in the Chinese city of Jipin as guest of honor.

The Minister recalled that 13 years ago, the Hungarian government announced the political strategy of the Eastern Opening, calling for mutually beneficial cooperation with Eastern countries. In this context, Chinese investors are encouraged to choose Hungary as their European location. “This policy, this political strategy, is a huge success story,” Péter Szijjártó emphasized. He pointed out that Chinese companies consistently enjoy the most investor-friendly environment in Europe and the lowest corporate tax rate on the continent.

He said that 2020 was the first year in which Chinese investors brought the most investment to Hungary and according to their current data, this year will be the second. According to Szijjártó, the reason for this is that electric battery manufacturers from China are choosing Hungary as the location for their European operations, adding that

Hungary has become a meeting point for Eastern and Western investors.

The Foreign Minister stressed that “we are one of the three countries in the world, along with China and Germany, where all three German premium car brands have factories, all of which have placed the heart of their electromobility strategy in Hungary.” In addition, their battery suppliers are Chinese companies.

Szijjártó highlighted that this is why it was a great honor to announce the huge investments in Hungary by China’s Contemporary Amperex Technology Co. Limited (CATL) and EVE Energy, adding that another top ten electric battery company will be announced soon. He also said that

thanks to these huge investments, Hungary is the fourth largest producer of electric batteries in the world and once they are completed, the country will be the second largest producer.

Electric batteries have been Hungary’s number one export product for the past one and a half years, contributing to the country’s huge export record last year, the Minister pointed out.

Source : Hungary Today