The parties will cooperate in railway maintenance, training, and research and development.Continue reading
Hungary is an excellent example of the benefits of cooperation between East and West, and Hungary would like to continue to be at the forefront of this process in the future, Minister of Foreign Affairs and Trade Péter Szijjártó said in Budapest on Thursday.
At the announcement of Fiberhome’s investment, the Minister said that the Chinese company, which is considered among the world’s best in the electronics industry, will set up its first European plant in Kisbér (northwestern Hungary), where it will manufacture optical cables. The investment, worth around HUF 6.5 billion (EUR 16.9 million) in the first phase, will be supported by the state with HUF 970 million (EUR 2.5 million), helping to create 120 new jobs, he said.
He pointed out that this is a particularly modern investment that will help raise the technological level of the Hungarian economy and further strengthen the Hungarian electronics sector, which now employs 130,000 people, and produced a production value of more than HUF 11 billion (28.6 million) last year.
In many areas of the world economy, the pace is now being set by the East, he said, adding that in sectors that are key to the future of the world economy, the technological edge is clearly on the Eastern side.
Fifteen years ago, 80 percent of global investment was financed by Western capital and only 20 percent by Eastern capital, but now the ratio has completely reversed, and it is no wonder that Europe is fighting a fierce battle for this investment,”
he explained.
Minister Szijjártó noted that barriers should not be erected to East-West cooperation, but bridges should be built to create the smoothest possible relations. “Here in Hungary we are an excellent example of how cooperation between East and West pays off for all players,” he said.
In this context, he described the strategy of opening up to the East as a success, pointing out that new records are being set every year in trade and investment. He concluded that it is an excellent achievement that Hungary is the country with the highest level of Chinese investment among the Central European countries, and that the Chinese economy is now the main driver of the country’s performance alongside the German economy.
Via MTI, Featured image: X/FiberHome