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Hungary’s “Opening up to the East” Strategy Coincides with the “Belt and Road”

It’s well-known that as an agricultural country, Hungary is also famous for its science & technology inventions and advanced medical care. Besides, it is a very good partner for China. At the 5th CIFTIS, “Hungary Theme Activity” focused on promoting science & technology and agriculture, aiming to seek partners in China. Officials of Hungarian Embassy in China said that in 2010, besides the European market, the Hungarian government decided to strengthen the economy and trade relationship with eastern countries, especially with China. Its “Opening up to the East” strategy coincides with China’s the “Belt and Road”.


“The current political and economic relationship between Hungary and China is closer and more efficient than ever before. As one of the first group of countries that established diplomatic relationship with China 68 years ago, Hungary is the only country in central and eastern Europe that Chinese former and current Presidents and Premiers have visited. Hungary and China have kept frequent exchanges at high level”, said the official of Hungarian Embassy in China. In 2010, besides the European market, the Hungarian government decided to strengthen the economy and trade relationship with eastern and trade relationship with eastern countries, especially with China. Its “Opening up to the East” strategy coincides with China’s the “Belt and Road”. The first “Belt and Road” project in Europe — Modernized remolding of Hungary-Serbia Railway has a close connection with Hungary. As an important part of China’s “Land-sea Express Line which is the western part of the Silk Road, the flagship project — Hungary-Serbia Railway can act as a future cooperation model for China and central and eastern European countries in fields of frame, environment and infrastructure development.


Hungary has also made a lot of achievements in economy. In December 2014, the regional center of Bank of China was established in Budapest, Hungary. Since October 2015, it has acted as a RMB clearing center for central and eastern Europe.


It is introduced that Hungary has been adept at attracting investments from central and Eastern Europe and Asia. At present, China’s investment scale in Hungary is the largest one in central and Eastern Europe, over $ 4.2 billion, accounting for 1/3 of China’s entire investment amount in central and Eastern Europe.

 

“Over the past years, Hungary has been an exporter for China in central and eastern Europe. Hungary’s exports to China increased by 20% last year,. China has become one of Hungary’s most important trade partners. In addition, Hungary is the country in central and Eastern Europe that signed most agricultural agreements with China.

 

As one of the three directly subordinate departments of Ministry of Foreign Affairs of Hungary, the Trade Department plays a very important role in boosting cooperation with China. Its main function is to popularize Hungarian products and science & technology to China; to introduce Chinese enterprises and science & technology to Hungary; to upgrade the exchanges of bilateral capital, friendship, science & technology, trade and culture from nongovernmental level to political level.