Hungary's economic neutrality strategy also coincides with China's One Belt, One Road initiative, and cooperation along these lines will provide a solid basis for future gross domestic product (GDP) growth.
Hungary has already greatly benefited from economic cooperation with China and is now the number one destination for Chinese investment in Europe. Roughly 44 percent of China's investments in Europe went to Hungary last year.
Minister Szijjarto also specifically mentioned some of these giant investments, such as CATL's construction of the largest electric battery factory on the continent in Hungary, which will start production next year. BYD is also setting up its first European plant in Hungary, where hundreds of thousands of cars will be produced. But he said that further investments are also in the plans.
These Chinese investments are bolstering economic growth in Hungary. They bring in the latest technologies that will improve our national economy and raise the level of added value, research and development and innovation. These investments also create stable jobs, offering our families a stable future. And they will truly shorten supply chains, providing security and stability in the midst of today's dangerous environment,
he stressed.
Most of these investments come to Hungary because Hungary provides the safest location in Europe for East-West cooperation,
he added.
We have become the number one meeting point in Europe for German and Chinese investors (...) This shows that our strategy of economic neutrality is the right one to follow. In fact, it is the only correct strategy. And it is the strategy that will make the upcoming year a fantastic year for the Hungarian economy through strengthened cooperation between China and Hungary,
the minister concluded his speech, according to the statement.
Cover photo: Hungary's Foreign Affairs and Trade Minister Peter Szijjarto (Photo: MTI/Attila Kovacs)
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