Hungarian Foreign Minister Péter Szijjártó (L) and Chinese Commerce Minister Wang Wentao (R)
Another three billion euros of Chinese automotive investment will come to Hungary in the coming period, further strengthening Hungary’s position as the number one Central European investment destination for companies from the East Asian country, Minister of Foreign Affairs and Trade Péter Szijjártó announced in Beijing on Monday.
Following his meeting with Chinese Commerce Minister Wang Wentao, Péter Szijjártó said that he held talks with the heads of five major Chinese companies, four of which will invest in Hungary in the electric car sector, thus serving German car manufacturers already present in the country.
The foreign minister highlighted that these investments would make a major contribution to sustaining economic growth, adding that they are all coming to the continent to revitalize the European automotive industry and because of orders from German companies.
“We appreciate that Hungary has become the number one investment destination for Chinese companies in Central Europe, and by the end of 2022, Hungary has attracted more Chinese businesses than anywhere else in Central Europe,” he emphasized, adding that the government wants to keep this trend going.
Currently, two major Chinese investments are already underway in the eastern Hungarian town of Debrecen.
In the largest ever venture in Hungary, worth some HUF 3,000 billion (EUR 8.1 billion), China’s Contemporary Amperex Technology Co. Limited (CATL) will directly create 9,000 new jobs in Debrecen by building an electric battery plant. Moreover, it was announced recently that another Chinese company, Eve Power, the world’s ninth-largest electric battery manufacturer, has also decided to build its first European plant in Debrecen. This business is worth around HUF 400 billion (EUR 1 billion) and will create more than a thousand new jobs.
Featured photo via MTI/KKM/KKM