Why Hungary
Why Hungary
Hungary is the bridgehead for Chinese enterprises to Europe, located in the middle of Europe, known as the "heart of Europe". Hungary is bordered by 7 countries, covers an area of 93,030 square kilometers, and has a population of nearly 10 million. Hungary is a moderately developed country, with a GDP of 154.1 billion euros and a per capita GDP of 13,700 euros in 2021. Hungary is a member of the European Union and a signatory to the Schengen Agreement, which means that goods or people entering Hungary will enter the EU One Market or the other 26 EU member states. Hungary has obvious geographical advantages, with the capital Budapest as the center, an area of 1,000 kilometers can radiate nearly 500 million people in Europe, and the market radiation capacity is very considerable.
In 2012, the China-CEEC Cooperation Mechanism was formally established. With the promotion of this cooperation mechanism, China has made great achievements in trade in goods with CEE countries. In 2021, the total trade volume between China and the 14 Central and Eastern European countries reached 2.5 times that of 2012, with an average annual growth rate of 11.9%. With the improvement of the economic situation of China and CEE countries and the further development of the cooperation mechanism in the future, the prospects for bilateral trade cooperation are bright. In recent years, Chinese investment in Hungary has shown a spurt of growth. In December 2023, Hungarian Finance Minister Mihai said in a meeting with the CEO of the Center for Multilateral Financial Cooperation that China's investment in Hungary in 2022 has reached US$8 billion. The investment of Chinese enterprises is mainly concentrated in the fields of electric vehicles, new energy batteries, photovoltaics, 5G communications, computer and electronics manufacturing.
The pragmatic cooperation between China and Hungary has delivered excellent results. The Belt and Road Initiative is deeply aligned with Hungary's "Open to the East" policy. In 2023, China's investment in Hungary hit a record high, once again becoming Hungary's largest source of foreign investment. Hungary has been the largest destination for Chinese investment in Central and Eastern Europe for many years. China and Hungary continue to deepen cooperation in the fields of new energy vehicles, lithium batteries and photovoltaics, and projects such as CATL's Hungarian factory, BYD's Hungarian new energy vehicle production base, and Kuaibu New Energy's Kaboschburg photovoltaic storage and charging intelligent power station have been steadily promoted, empowering the high-quality development of China-Hungary pragmatic cooperation.
In 2012, the China-CEEC Cooperation Mechanism was formally established. With the promotion of this cooperation mechanism, China has made great achievements in trade in goods with CEE countries. In 2021, the total trade volume between China and the 14 Central and Eastern European countries reached 2.5 times that of 2012, with an average annual growth rate of 11.9%. With the improvement of the economic situation of China and CEE countries and the further development of the cooperation mechanism in the future, the prospects for bilateral trade cooperation are bright. In recent years, Chinese investment in Hungary has shown a spurt of growth. In December 2023, Hungarian Finance Minister Mihai said in a meeting with the CEO of the Center for Multilateral Financial Cooperation that China's investment in Hungary in 2022 has reached US$8 billion. The investment of Chinese enterprises is mainly concentrated in the fields of electric vehicles, new energy batteries, photovoltaics, 5G communications, computer and electronics manufacturing.
The pragmatic cooperation between China and Hungary has delivered excellent results. The Belt and Road Initiative is deeply aligned with Hungary's "Open to the East" policy. In 2023, China's investment in Hungary hit a record high, once again becoming Hungary's largest source of foreign investment. Hungary has been the largest destination for Chinese investment in Central and Eastern Europe for many years. China and Hungary continue to deepen cooperation in the fields of new energy vehicles, lithium batteries and photovoltaics, and projects such as CATL's Hungarian factory, BYD's Hungarian new energy vehicle production base, and Kuaibu New Energy's Kaboschburg photovoltaic storage and charging intelligent power station have been steadily promoted, empowering the high-quality development of China-Hungary pragmatic cooperation.
Registered
