Hungary Sees Boost from China's Technology and Economic Growth, Says Official

Hungary Sees Boost from China’s Technology and Economic Growth, Says Official

China’s rapid technological advancement and robust economic growth are poised to benefit Hungary, according to Istvan Joo, CEO of the Hungarian Investment Promotion Agency (HIPA). The optimistic outlook follows the announcement that China and Hungary have elevated their bilateral relations to an all-weather comprehensive strategic partnership for the new era.

In a joint statement released on Thursday, both nations committed to enhancing synergy between China’s Belt and Road Initiative (BRI) and Hungary’s “Eastern Opening” policy. The collaboration aims to foster deeper economic ties and improve infrastructure connectivity between the two countries.

One of the key highlights of the partnership is the agreement to establish an inter-governmental cooperation mechanism on the China-Europe Railway Express. Both sides praised the development of this railway network and expressed willingness to actively promote the construction of the Hungarian section of the Hungary-Serbia Railway. This project is considered a flagship endeavor under the BRI and a significant step toward enhancing high-level connectivity in Central and Eastern Europe.

“The Hungary-Serbia Railway is a landmark project that will not only strengthen transport routes but also provide important support for deepening economic and trade cooperation between our countries,” the joint statement read.

The enhanced partnership also underscores a mutual commitment to take practical measures to ensure the security and efficiency of transport routes. By improving the quality and efficiency of the China-Europe Railway Express, both countries aim to provide a solid foundation for expanded trade and investment opportunities.

Joo emphasized that China’s technological innovations and economic momentum present significant opportunities for Hungary. “China’s growth is not just a benefit for Asia but offers immense potential for Hungary’s economy as well,” he stated.

The collaboration is expected to attract entrepreneurs, investors, and market analysts eager to tap into the burgeoning opportunities arising from closer China-Hungary ties. Academics and researchers also anticipate a wealth of new information and avenues for study in Asian-European relations.

The elevation of the partnership reflects both nations’ recognition of the dynamic and influential role they play in global affairs, particularly in fostering economic growth and cultural exchange.

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