A research and development center employing at least 100 Hungarian engineers will be established in the capital, Péter Szijjártó, Minister of Foreign Affairs and Trade, said at Huawei’s anniversary event in Budapest.
The new R&D center will focus on artificial intelligence, streaming, image processing and signaling technologies, as well as extremely large distribution systems. The development provides an opportunity to enhance the reputation of Hungary and Hungarian technical and engineering knowledge.
The minister drew attention to the fact that the company also operates its largest logistics center outside China in Hungary and called it important that the company is announcing a significant investment in Hungary even during the pandemic.
With Hungary’s strategy of opening up to the East, Hungarian exports and trade turnover to the East have increased by 22 percent in the past 10 years. Over the past decade, the country has received Chinese investments in the value of USD 5 billion, and Chinese companies currently employ 15,000 Hungarian workers.
Last year, 60 percent of foreign direct investment came from the East, and 40 percent of new Hungarian jobs are tied to Eastern companies.
The minister described Huawei’s investment as a milestone in terms of the government’s strategy of opening up to the East and changing the dimension of the Hungarian economy.
Szijjártó added that Hungary was the first EU country to join the “One Belt One Road” initiative and was the first foreign sovereign player to successfully issue bonds in the Chinese bond market.