Hungary expects to enhance cooperation with China

BUDAPEST, Feb. 2 (Xinhua) -- Hungarian Minister for National Economy Marton Nagy said here on Thursday that he expects the Hungary-China cooperation to "skyrocket" in the coming year.

Nagy made the remarks when addressing a reception organized by the Chinese Embassy in Hungary to celebrate the upcoming Chinese Lunar New Year, the Year of the Dragon.

Noting that this year marks the 75th anniversary of diplomatic relations between Budapest and Beijing, Nagy said, "The Hungary-China ties are at their historic best, and the Eastern Opening Policy of the Hungarian government is a success."

Nagy highlighted the key role of Chinese investments in bolstering Hungary's economic competitiveness, saying the flourishing Hungary-China economic relations was a testament to Hungary's successful Eastern Opening Policy.

The presence of Chinese companies in Hungary is growing, influenced by positive feedback from established firms like Huawei and the Bank of China, he added.

Gong Tao, the Chinese ambassador to Hungary, said that in line with the Chinese lunar calendar, 2024 heralds the Year of the Dragon, a symbol representing luck, strength and wisdom in Chinese culture.

Outlining the objectives for 2024, the ambassador emphasized the enhancement of collaboration between the two nations in advancing the Belt and Road Initiative (BRI), along with fostering subnational and cultural exchanges.

Referring to the flourishing electric vehicle (EV) industry, Nagy expressed optimism about the forthcoming investment by BYD in Szeged, the third largest city in Hungary, foreseeing Hungary's ascent to a leading position in the European electric vehicle market.

"On the Western side, we have the automative industry with Germany, and on the other side, the Chinese battery producer," he said, speaking of the construction of a battery plant by China's leading automotive lithium-ion battery manufacturer CATL, in Debrecen, eastern Hungary.

As EV car manufacturing represented the future, Hungary eagerly anticipated the arrival of BYD in Szeged to produce one of the finest, possibly the best electric vehicles in the world, said Nagy. It was part of Hungary's broader strategy to transition towards a greener economy, leveraging high-tech partnerships to create a sustainable future, he added.

Nagy also hailed the dynamic expansion of Hungary-China cooperation, particularly within the framework of the BRI. He cited the Budapest-Belgrade railway project, one of flagship BRI projects, saying it aligned with the historical Silk Road and enhanced Hungary's role as a key logistical hub in Europe.

The development of the infrastructure not only underscores Hungary's strategic geographic position but also increases its appeal to both Chinese and Western investments, he said.