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Hungary is the main investment destination for Chinese companies in Central Europe

This trend has greatly benefitted the Hungarian economy and people and will continue to do so.

As MTI reported, Minister of Foreign Affairs and Trade Péter Szijjártó attended the inauguration of S.E.G.A. Hungary Kft.’s new automotive factory in Szirmabesenyő, where a new research and development project was also announced.

The Chinese-owned company is establishing its largest European plant in the town near Miskolc, where it will produce state-of-the-art starter motors and generators.

The state will provide HUF 1.3 billion in funding for the investment costing a total of HUF 4.5 billion. It will create 40 additional engineering jobs on top of its current workforce of 1,426.

The minister said that globally, the balance of power in all industries has been shifting over the last 10 to 15 years. The beginning of a new world economic era comes with fierce competition for the redistribution of economic capacities worldwide. In the past, 80 percent of global investment was financed by Western capital and only 20 percent by Eastern capital, but now the ratio has completely reversed. The East’s share has risen to 70 percent, while the West’s has fallen to 30 percent, Szijjártó said. 

Szijjártó called the strategy of opening up to the East a clear success story and said that South Korea was the largest investor in Hungary in 2019, followed by China in 2020.

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