Szijjarto: BYD plant helping Hungary ‘to set pace for a global technology revolution’

China's BYD, the world's biggest electric vehicle maker completing a plant in Hungary has helped the country to a position in which it will "set the pace for a global technology revolution rather than lag behind others," Peter Szijjarto, the minister of foreign affairs and trade, told a BYD ceremony in Budapest on Friday.

Electric car making will be a greatly decisive factor in the European economy, and the BYD project will ensure “a long-term guarantee for Hungary’s economy to stay on a growth path”, the minister said. The project also demonstrates the success of the government’s Eastern Opening strategy: “we realised in time that the eastern economies will not only close the gap with the West very soon but they will surpass western ones in some areas,” he added.

“In Europe there is a huge competition for Chinese projects using cutting edge technologies and offering thousands of jobs,” Szijjarto said. “We entered the competition in time . and Hungary has now become the number one destination for Chinese investments in central Europe,” he said, adding that after 2020 Hungary in 2023 had again received the highest FDY from China in the region.

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