On February 1, the Chinese Embassy in Hungary held the 2024 Chinese New Year Reception and the Chinese Lunar Year of the Dragon Zodiac Stamp Issuance Ceremony.
Nagy Márton, Minister of National Economy of Hungary, said in his speech that China is an important economic partner of Hungary, and 2024 marks the 75th anniversary of the establishment of diplomatic relations between China and Hungary, and the cooperation between the two countries will be further developed. According to the minister, Hungary's policy of opening up to the east, introduced in 2010, has been successful. In 2014, FDI from Eastern countries to Hungary accounted for 18 percent of total foreign investment8 per cent, which is now 34 per cent.
The Minister further explained that it is clear that the center of gravity of the global economy is now shifting to Asia, and China is playing an increasingly important role in the world economy. China is Hungary's ninth largest partner, accounting for more than 4% of Hungary's total foreign exports, and China has also become Hungary's largest partner outside of European countries. The 380 Chinese companies operating in Hungary employ 16,000 people, and China also brought the most foreign investors to Hungary in 2023. The minister said that China's most important investment partner in Central and Eastern Europe is Hungary. Since 2013, the Belt and Road Initiative has flowed around €890 billion worth of money globally, of which around €40 billion has gone to Central and Eastern Europe. "The Budapest-Belgrade project is one of the most important investments under the Belt and Road Initiative and one of the most important projects for Sino-Hungarian investment, and we are proud of the development of the Budapest-Belgrade railway line," the Minister stressed. Hungary will also further promote major infrastructure investment and construction. ”