Hungary and Guangdong Strengthen Economic Ties Amid EU Market Opportunities
Hungary and Guangdong Strengthen Economic Ties Amid EU Market Opportunities
Hungary's strategic location is proving advantageous as it deepens ties with China's Guangdong Province. During the recent Guangdong-Hong Kong-Macao Greater Bay Area-Hungary Economic and Trade Cooperation Conference held on May 16, 2025, in Budapest, numerous agreements were solidified, focusing on sectors such as automotive, biomedicine, green technology, and information and communication technology (ICT).
According to Péter Várfi, the Hungarian Consul General in Guangzhou, this collaboration is expected to significantly bolster cooperation in emerging industries. He stated, "The exchange is likely to emphasize sectors such as automotive, biomedical, green energy, smart technologies, and information and communication technologies." This strategic partnership not only enhances Guangdong's role as an innovation hub—especially in battery manufacturing and clean energy—but also positions Hungary as the gateway for Guangdong firms looking to access European markets.
This conference marks a pivotal moment in the growing relationship between Hungary and Guangdong, following high-level visits, such as that of László Kövér, Speaker of Hungary's National Assembly, to Guangdong in November 2024. These efforts demonstrate a mutual commitment to strengthen political, economic, and cultural connections, supported by Hungary's Opening to the East Policy and China's Belt and Road Initiative (BRI).
Kövér emphasized that Hungary's attractive investment climate is underscored by a substantial influx of capital; in 2024, Hungary witnessed €10.3 billion in new investments, with Chinese firms alone contributing €5.28 billion. Prominent Chinese companies like CATL and BYD are among those driving this growth. As he pointed out, "Hungary's strategic location within the EU and competitive costs make it an ideal environment for Guangdong firms seeking opportunities in Europe."
Additionally, the cultural dimension of this partnership is flourishing. At the conference, the Xinghai Conservatory of Music from Guangdong performed in Budapest, showcasing a shared cultural heritage. Várfi noted that, "This transnational musical dialogue not only celebrates the rich cultural heritage of Guangdong but also provides a platform for showcasing the universality of music in bridging cultural divides."
The introduction of a 2025 visa-free policy for Hungarians visiting China and enhanced direct flight connections between Guangzhou and Budapest are fostering increased people-to-people exchanges. Várfi remarked that these cultural initiatives are expected to enhance ties in tourism, education, and cultural cooperation, leading to greater student exchanges and business collaborations.
As Hungary establishes itself as a key player in Central European engagement with China, the partnership illustrates the ability of middle powers to navigate a fragmented global landscape. This collaboration focuses on not only trade and investment but also cultural and educational expansion, indicating a comprehensive approach to international relations. As such, Hungary and Guangdong's relationship is poised for continued growth, setting the stage for a vibrant future infused with opportunities across multiple sectors.
Topics General Business）
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