EU-China relations are positive: Hungary welcomes China’s massive investment

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"We do not intend to become the world leader because China is already the world leader." This was last October when Hungarian Foreign Minister Peter Szijjarto mentioned the country's focus on the production of electric vehicles during his visit to Beijing. Car battery ambitions.

In fact, China’s share of global lithium-ion battery capacity is an astonishing 79%, ahead of the United States’ 6% share. Hungary currently ranks third, with a 4% global market share, and plans to overtake the United States soon. Scichiato explained this during his visit to Beijing.

Currently, 36 factories have been built, under construction or planned in Hungary. These are by no means nonsense.

The Fidesz government under the leadership of Hungarian Prime Minister Viktor Orbán is now vigorously promoting its "Opening to the East" policy.

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Furthermore, Budapest has received considerable criticism for maintaining close economic ties with Russia. The country's close ties with China and South Korea are even more important from an economic perspective, as electric vehicles are at the heart of this push. but. Hungary's move aroused admiration rather than approval from other EU member states.

Putting the Hungarian economy's growing ties with China and South Korea as a backdrop, Hungary aims to develop electric vehicle battery manufacturing and hopes to capture a larger share of the global market.

By this summer, there will be 17 weekly flights between Budapest and Chinese cities. In 2023, China has become Hungary's largest single investor, with an investment amount of 10.7 billion euros.

Standing on the tower of the Reformed Cathedral in Debrecen, looking south, you can see the solid gray building of the Chinese battery production giant CATL factory stretching into the distance. The world's largest battery maker has a significant presence in eastern Hungary.

Until last year, sunflowers and rapeseed flowers painted the land green and yellow. Now, separator (insulation material) manufacturers-China Yunnan Enjie New Materials (Semcorp) factory and China recycling plant cathode battery material factory (EcoPro) have also emerged.

Pass by the construction site of the new all-electric BMW factory in Debrecen and you'll find Eve Energy, another Chinese battery manufacturer.

image caption The Hungarian government is doing its best to attract Chinese investment, promising 800 million euros in tax incentives and infrastructure support for CATL to seal the deal

Meanwhile, bulldozers are clearing soil from a 300-hectare site in southern Hungary in preparation for a "gigafactory" of electric vehicles from China's BYD.

Post time: Jun-11-2024