China's technology, economic growth to benefit Hungary, says official

China's technology and economic growth would bring benefit to Hungary, Hungarian Investment Promotion Agency (HIPA) CEO Istvan Joo said.

Hungary has been bringing together German carmakers and Chinese battery producers, Joo told Xinhua in a recent interview.

Chinese electric vehicle (EV) maker BYD has announced its plan to build a new energy vehicle production base in the southern Hungarian city of Szeged.

"It is a special joy for us that BYD eventually chose Szeged," he said.

The automotive industry and the supply chain associated with it are crucial for the Hungarian economy, he noted.

Joo also highlighted that Hungary's "Eastern Opening" policy has yielded fruitful results.

Since adopting the policy, Hungary has been eager to foster much more intensive economic cooperation with Eastern countries, primarily with China, he said, adding that the excellent political relations between the two countries have laid a solid foundation for such cooperation.

On Thursday, China and Hungary announced the decision to elevate bilateral relations to an all-weather comprehensive strategic partnership for the new era.

A joint statement on the partnership said the two sides are committed to enhancing synergy between the Belt and Road Initiative and Hungary's "Eastern Opening" policy.

Last year, Hungary received a record volume of 13 billion euros (about 14 billion U.S. dollars) in foreign direct investment, including over 7.6 billion euros (around 8.2 billion dollars) from Chinese investors, according to a HIPA report.

In 2023, China became the largest investor in Hungary once again after 2020, the report said.

Joo said his agency is currently working to direct new investors to the parts of the Eastern European country where "significant labor reserves are still available."

He said he would be pleased to see more Chinese investors in the southern regions of the country.