Hungarian Conservative

In a recent article, POLITICO Brussels criticizes Hungary for its close economic ties with China but fails to mention that one of the main sponsors of Euro 2024 in Germany is the Chinese company BYD. In fact, the number one trading partner of the host Germans in 2023 was none other than China.

‘Within a few years, Hungary will be among the five countries in the world capable of manufacturing over one million cars annually,’ Péter Szijjártó stated, announcing a new investment in Zalaegerszeg by US Flex.

Hungary is the most attractive investment location in the Eastern Europe and Central Asia region according to Site Selection Magazine’s Global Best To Invest. In recent years, Hungary has experienced a significant surge in investment from Eastern countries, particularly China, while Germany continues to be one of the top investors in the country.

Six direct flights will connect Hungary and China starting this summer, following Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó’s announcement in Beijing on Tuesday of a new service from Budapest to Xi’an. Direct connectivity plays a vital role in Sino–Hungarian economic and trade relations.

About 5 per cent of the Hungarian GDP is generated by the auto industry, therefore, initially, the EU’s decision to ban the sale of all new combustion-engine cars in 2035 was met with resistance in Hungary. Due to the ban, it is expected that from 2035 on practically only electric vehicles will be allowed to be sold in the European single market, which could have left the Hungarian economy that was dependent on the old technology vulnerable. Fortunately, however, Hungary showed a remarkable ability to adapt to the changing circumstances. In the past two years since the ban was proposed electric battery manufacturers have been engaged, which helps facilitate the green transition of the Hungarian car industry.

László Botka, the mayor of Szeged, called the signing historically significant for both the city and Hungarian economic history. He welcomed the close cooperation between the Szeged local government and the government on the matter, saying that the common goal is the quick construction of the factory.

According to press reports, BYD Auto Hungary has been registered with a capital of approximately HUF 192 billion, which is twice the annual budget of the city of Szeged, where the Chinese auto giant’s new plant is scheduled to begin production next year.

BYD, the world’s leading electric vehicle manufacturer based in Shenzhen, China is opening a new factory in the southern Hungarian city of Szeged. Foreign Minister Péter Szijjártó has called it ‘one of the biggest investment projects in Hungary’s history’.

Prime Minister Viktor Orbán held talks with Wang Chuanfu, the founder and chairman of the world’s largest electric vehicle manufacturer BYD in Shenzhen. BYD believes that the introduction of competitively priced, modern electric vehicles in Hungary will be a turning point for sustainable transportation.