One of the biggest investments of 2021 will be implemented in Debrecen, Minister of Foreign Affairs and Trade Péter Szijjártó said.
The minister said that more Eastern investments can be seen in the electric car industry as well as other fields in this new economic era. While in 2007, 81 percent of global investments were financed by Western capital, that proportion had roughly leveled off by 2017–2018. In 2020, the East’s share had grown to 70 percent, and the West’s had fallen to 29 percent, he said.
He added that China accounted for only 4 percent of the world’s economic performance in 2000, while it accounts for 18 percent today. In 2020, the Far East was already the number one trading partner for the United States and the European Union.
Szijjártó pointed out that the technological superiority of the Western world has significantly diminished, underlining that, for example, the largest battery manufacturers in the electric car industry are all Eastern companies. And the investment decisions of these companies will determine which EU Member States will be successful in the coming years.
The FM announced that SEMCORP’s Debrecen plant is the company’s first foreign production unit. The establishment of the 97,000-square-meter plant represents another chapter in the success story of Hungarian-Chinese economic cooperation.
Work on the factory already began this summer, and the facility is scheduled to begin operations in the first quarter of 2023, increasing the capacity of the market-leading company by 12 percent.
The state will provide HUF 13 billion in support for the investment of more than HUF 65 billion, which will create 440 new jobs in the city, the minister added.
In Hungary, 400 million square meters of separator foil will be produced annually, Szijjártó said.
Finally, the minister also reported that trade between Hungary and the states to the East had increased by 28 percent in the past 11 years. The main investor in 2019 was South Korea, while China was the largest investor in 2020.
Hungary’s trade turnover with China increased by 24 percent in the first half of this year, while the volume of Hungarian exports increased by 51 percent.