We have reached agreements with two additional Chinese companies on their investments worth a combined HUF 35 billion (€94.7 million) in Hungary, and the government's aim is to make Hungary the number one investment destination in the region for Chinese companies, Hungary's Minister of Foreign Affairs and Trade Peter Szijjarto announced in Tianjin, in northern China, on Tuesday. Following talks with Chinese business executives, FM Szijjártó said the new investments to arrive in Hungary will contribute significantly to maintaining the country's economic growth and create around 500 jobs, according to a foreign ministry statement.
Within the context of a HUF 28-billion investment, one of the companies will be making packaging materials in eastern Hungary, supplying the biggest European drinks makers, FM Szijjarto said. The project would create around 300 jobs, so the government is also supporting it, he said, adding, however, that the extent of the government’s grant would only be revealed after the project is approved by the European Commission.
The other company will invest HUF 7 billion in producing interior parts for BMW’s electric vehicles produced in the east Hungarian city of Debrecen, he said, adding that the investment will create some 200 jobs. "Economic cooperation between Hungary and China is developing steadily, and Chinese companies continue to regard Hungary as an attractive investment destination. Our aim is to maintain our position as the top investment destination for Chinese businesses in Central Europe,” Mr Szijjarto explained.
He emphasized that Chinese investments had played a significant role in keeping the Hungarian economy on a path of growth in the recent period.
After 2020, Chinese companies are once again the top investors in Hungary this year, Mr Szijjarto said, emphasizing their use of cutting-edge technology and contribution to protecting jobs. “Moreover, these investments arriving in Hungary are mainly geared towards the electric vehicle industry, and we know precisely that this is the industry of the future,” the minister added. “A country that can attract EV industry investments will definitely be successful in the coming period,” he contended. Mr Szijjarto warned, however, that there was “no turning back” when it came to the car industry’s transition to electric vehicles, arguing that it would determine the development of the European and global economy in the coming period. "Hungary is doing well in this competition," he stressed.
