Chinese investments "indispensable engine" of Hungary's economic growth: Orban

Abstract : Chinese investments have become an "indispensable engine" of Hungary's economic growth, Hungarian Prime Minister Viktor Orban said on Thursday.

Hungarian Prime Minister Viktor Orban (L) and BYD's Chairman and CEO Wang Chuanfu attend a press conference in Budapest, Hungary, on May 15, 2025. Chinese investments have become an "indispensable engine" of Hungary's economic growth, Hungarian Prime Minister Viktor Orban said on Thursday. Orban made the remarks here at a press conference announcing Chinese leading electric vehicle manufacturer BYD's decision to base its European business headquarters and a new research and development center in Budapest. (Photo by Attila Volgyi/Xinhua)

BUDAPEST, May 15 (Xinhua) -- Chinese investments have become an "indispensable engine" of Hungary's economic growth, Hungarian Prime Minister Viktor Orban said on Thursday.

Orban made the remarks here at a press conference announcing Chinese leading electric vehicle manufacturer BYD's decision to base its European business headquarters and a new research and development center in Budapest.

"We are living in a time of transformation," said Orban. "New technologies, new consumer demands, and new manufacturers have emerged. And we Hungarians do not want to be left out of this new era. That's why we made a strategic decision: the Hungarian industry must join the age of electromobility."

Orban said that Hungary cannot enter this new technological era alone. "We need partners. And we can only enter this new era if there is Chinese-Hungarian strategic cooperation, because China leads in this industry's technology."

Orban also underscored Hungary's "connectivity strategy." "Hungary aspires to be a meeting point for Eastern and Western capital, trade, and innovation," he said.

In the past decade, Hungary's trade volumes have doubled, and China consistently ranks among the country's top three investors. "In some years, China has even been the number one investor in Hungary," Orban said. "This means Chinese investments have become an important, even indispensable engine of Hungarian economic growth."

The prime minister also highlighted major infrastructure projects supported by Chinese cooperation, such as the Budapest-Belgrade railway. "China plays a crucial role in financing Hungary's modernization," he said.

Commenting on broader relations between the European Union (EU) and China, Orban said, "We believe we must return to economic cooperation based on mutual respect and look forward to the opening of new chapters in EU-China cooperation."

The BYD project will create 2,000 jobs, mostly for university-trained engineers. It also includes strategic partnerships with Hungarian universities and vocational institutions, aiming to link research and development efforts with local talent.

BYD's Chairman and CEO Wang Chuanfu highlighted Hungary's advantageous location, deep-rooted automotive industry, and developed infrastructure as key factors behind the company's decision. "Hungary lies at the heart of Europe, with a mature industrial base that has attracted many global automakers," Wang said.

Hungarian Prime Minister Viktor Orban attends a press conference in Budapest, Hungary, on May 15, 2025. Chinese investments have become an "indispensable engine" of Hungary's economic growth, Hungarian Prime Minister Viktor Orban said on Thursday. Orban made the remarks here at a press conference announcing Chinese leading electric vehicle manufacturer BYD's decision to base its European business headquarters and a new research and development center in Budapest. (Photo by Attila Volgyi/Xinhua)

BYD's Chairman and CEO Wang Chuanfu attends a press conference in Budapest, Hungary, on May 15, 2025. Chinese investments have become an "indispensable engine" of Hungary's economic growth, Hungarian Prime Minister Viktor Orban said on Thursday. Orban made the remarks here at a press conference announcing Chinese leading electric vehicle manufacturer BYD's decision to base its European business headquarters and a new research and development center in Budapest. (Photo by Attila Volgyi/Xinhua)