China's GBA, Hungary ink multi-billion-dollar deals

 

The Guangdong-Hong Kong-Macao Greater Bay Area and Hungary (Europe) Economic and Trade Cooperation Conference was held Friday in Budapest, marking a new milestone in China-Hungary economic relations.

The high-level conference saw the signing of 36 investment projects worth over 3.8 billion USD, involving leading enterprises from China's Greater Bay Area and Hungarian partners. One of the key projects is Guangdong-based electric vehicle giant BYD setting up its new European headquarters in Budapest.

Chinese Ambassador to Hungary Gong Tao said Hungary has become a favored destination for Chinese investment in Europe. "Cooperation between the two sides continues to expand, with major joint projects progressing steadily," he added.

China has remained Hungary's largest source of foreign direct investment for two consecutive years. In 2024, 51% of Hungary's FDI originated from China.

"Hungary is an ideal place for Chinese investment to enter the EU market," said Peto Erno, President of the Hungarian-Chinese Chamber of Economy. "We are at the heart of Central Europe, well-connected to neighboring and EU countries."

In 2024 alone, Guangdong's investment in Hungary surged by 113%, with firms like Huawei, ZTE, and BYD creating over 10,000 local jobs.

Deputy Minister of Foreign Affairs and Trade of Hungary Levente Magyar emphasized that this is more than just economic cooperation. "We're not really looking for investors. We are looking for friends," he said.

Xie Hongzhou and Deng Yingheng reported from Budapest, Hungary

Reporter: Xie Hongzhou

Script: Xie Hongzhou

Cameraman: Deng Yingheng

Video: Deng Yingheng

Poster: Deng Yingheng

Editor: Yuan Zixiang, James, Shen He