BUDAPEST, Jan. 9 (Xinhua) — China accounted for the biggest share of international investments in Hungary in 2024, with seven Chinese initiatives contributing almost half of the yr’s complete funding worth, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto mentioned on Thursday.
South Korean and Japanese corporations additionally introduced main initiatives, cementing Asia’s position in driving Hungary’s financial progress. China, South Korea, and Japan dominated Hungary’s international direct funding (FDI) panorama, collectively answerable for almost 80 % of the full 4,000 billion forints (9.97 billion U.S. {dollars}) in new investments secured final yr, mentioned Szijjarto in a Facebook submit.
“If we had given in to external pressure… and failed to implement the Eastern Opening strategy or the economic neutrality strategy, if we had allowed ourselves to be cut off from Eastern investments, thousands of jobs and billions of euros worth of investments would have gone to other countries,” Szijjarto mentioned, highlighting the federal government’s deal with attracting high-value initiatives from Asia.
Germany and the United States adopted as key contributors, securing the fourth and fifth largest shares of investments, respectively. Szijjarto mentioned that buyers from “all directions of the compass” have introduced superior applied sciences and created jobs.
According to Szijjarto, the Hungarian authorities signed agreements with 77 corporations in 2024, making it the second most profitable yr within the nation’s historical past for funding promotion.
Automotive and electronics industries remained dominant, however the meals sector rose to 3rd place. Additionally, Hungary secured 19 high-value agreements in enterprise providers, IT, and analysis and growth, marking progress in diversifying its financial portfolio.
“This achievement underscores Hungary’s transformation and the effectiveness of its investment promotion strategy,” Szijjarto mentioned. (1 Hungarian forint = 0.0025 U.S. dollar)