Nagy: Hungary must strengthen its ties with China
- QT Advisory
- May 3, 2024
- 2 min read
Hungary's national economy minister, Márton Nagy, stated during the session of the Thematic Forum on China-Hungary Belt and Road Pragmatic Cooperation on Thursday that the country needs to get closer to China if it hopes to become more competitive.
According to MTI, Nagy claimed that Hungary's exceptional geographic location, cutting-edge domestic infrastructure, and welcoming investment climate gave it all the tools needed to develop into a regional logistics hub for Chinese goods.
According to Nagy, collaboratively funded road, rail, and logistics infrastructure projects currently hold a higher place in bilateral collaboration. He also added that digitalization might grow to be a significant area of interaction between Hungary and China.
The government is in favour of China's Huawei and Hungary's 4iG cooperating further. Nagy expressed his gratitude for the arrival of the largest Chinese banks in Hungary, the Bank of China, China Construction Bank, and China Development Bank, and mentioned that ICBC might follow suit. According to him, the administration aims to expand the list of co-financed investments to include more domestic projects. By summer of next year, the Budapest-Belgrade railway line is expected to be finished. He also named five developments in logistics, the railway, and the charging network, the specifics of which will be released shortly.
Liu Bu, the ministerial counsellor of the Chinese embassy in Budapest, expressed his satisfaction that Hungary's Eastern Opening has been associated with China's Road and Belt initiative. He claimed that improving ties and recognizing mutual achievements were critical for both nations. According to him, Hungary is now a hub for the distribution of Chinese goods in Europe, and increasing amounts of Hungarian goods are now making their way into the Chinese market. He said that improving transportation connections and the visa exemption established in March—which applies to Hungary in addition to Austria, Belgium, Ireland, Luxembourg, and Switzerland—also promote cooperation.
Comments