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Mihaly Varga: Hungarian-Chinese economic relations have reached a new level

Mihaly Varga: Hungarian-Chinese economic relations have reached a new level

Thanks to the work we have done over the past decade, we have achieved that Hungary now plays a bridge role in economic cooperation between Europe and China, Mihaly Varga said, according to a press release issued by the Ministry of Finance on Tuesday, after his meeting with the Chinese. Finance Minister Lan Fuan in Beijing. The Hungarian minister stressed that China has now become Hungary's largest investor outside Europe and its most important trading partner, and that our financial relations are constantly strengthening.

Mihaly Varga stressed that the Hungarian government's position is clear: instead of prevention and isolation, there is a need to strengthen economic cooperation between Europe and China. In line with this, the government continues the policy of opening to the East, thanks to which economic relations between Hungary and China are strengthening every year, he said.

According to last year's data, China is Hungary's ninth most important trading partner, and its share in total Hungarian foreign trade reaches 4 percent, making it Hungary's most important non-European partner.

The Prime Minister pointed out that last year most of the investments came to Hungary from China, and today our country has become the first destination for Chinese investments in Europe. Among these notable investments are 3,000 billion HUF for CATL, 520 billion HUF for Huayou Cobalt, and BYD's multi-billion euro investment in Szeged – detailed by Mihaly Varga.

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He pointed out that he agreed with the Chinese Minister of Finance on the need to continue developing the infrastructure between the two countries, especially direct air transport. This is also confirmed by the agreement reached on Tuesday, which strengthens Hungary's logistical distribution role in the Central and Eastern European region through a new, regular air cargo flight, the head of the ministry added.

Speaking about the modernization of the railway line between Budapest and Belgrade, Mihaly Varga highlighted: The trilateral cooperation between Hungary, China and Serbia creates a vital link in railway connectivity, which provides the fastest alternative for freight transportation between Western Europe and the port of Greece. Piraeus. He stressed that China is today the second largest economy in the world, and that strengthening Hungarian-Chinese economic, logistical and financial relations, as well as investments in the field of high technology, will contribute significantly to the growth of the Hungarian economy in the coming years.

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