Major Multibillion-Dollar Deals between China's GBA and Hungary Strengthen Economic Ties

Strengthening Economic Ties: GBA and Hungary Establish Major Partnerships



On May 21, 2025, a landmark economic cooperation conference was held in Budapest, reinforcing the strategic relationship between China’s Greater Bay Area (GBA) and Hungary. This conference, organized under the theme of expanding trade and investment opportunities, facilitated the signing of 36 investment projects totaling over $3.8 billion, showcasing the potential of collaboration between these two regions.

The dedication to fostering bilateral relations was evident as prominent companies from the GBA partnered with Hungarian enterprises. A significant highlight of the conference was the announcement of BYD’s establishment of a new European headquarters in Budapest, marking a pivotal investment in Hungary’s electric vehicle sector. This move not only highlights BYD's ambition to expand its global footprint but also aligns with Hungary's strategic push towards sustainable transportation and energy solutions.

Chinese Ambassador to Hungary, Gong Tao, emphasized Hungary's growing role as a preferred destination for Chinese investments amidst an ever-evolving European landscape. "The ongoing expansion of our bilateral cooperation reflects our commitment to mutual prosperity. Major projects are steadily progressing," he remarked. Indeed, for two consecutive years, China has emerged as the largest source of foreign direct investment (FDI) in Hungary. In 2024, an impressive 51% of Hungary's FDI came from China, underscoring the importance of this partnership for the Hungarian economy.

Hungary’s strategic location in Central Europe, as highlighted by Pető Ernő, President of the Hungarian-Chinese Chamber of Commerce, positions it as an ideal gateway for Chinese investments into the EU market. "Our accessibility to neighboring countries and EU territories enhances our attractiveness for Chinese companies looking to expand their operations in Europe," he stated. Furthermore, investments from Guangdong province, in particular, surged by 113% in 2024, with major players like Huawei, ZTE, and BYD creating over 10,000 jobs within Hungary.

Hungary’s Deputy Minister of Foreign Affairs and External Economic Relations, Levente Magyar, remarked on the depth of this relationship, stating, "We are not just seeking investors; we are seeking friends." This sentiment resonates with the broader objectives of fostering long-term partnerships that transcend economic transactions, highlighting mutual respect and cultural exchanges.

The conference also featured discussions on various sectors ripe for collaboration, including technology, infrastructure, and renewable energy. Initiatives aimed at facilitating trade routes and enhancing logistics between China and Hungary were pivotal topics, aligning with the global push for green initiatives and smarter supply chains.

The significance of this conference lies not just in the monetary value of the deals signed but in the foundational relationships being built that are set to empower future generations. With continued commitment from both parties, this partnership is anticipated to yield extensive benefits, propelling regional development and enhancing economic stability.

As Hungary and China move forward together, the prospects of increased collaboration in various sectors represent not just a financial boon but a cultural bridge fostering deeper understanding and cooperation.

Conclusion


The recent conference in Budapest marks a significant milestone in China-Hungary relations, characterized by extensive investments and collaborative projects. As both regions continue to expand their horizons, the potential for transformative economic growth is limitless, heralding a new era of prosperity driven by cooperation and innovation.

Topics Business Technology)

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