Hungary-China investment summit focuses on renewable energy collaboration

BUDAPEST -- Industry leaders and government officials from Hungary and China convened on Tuesday at the 2024 Hungary Renewable Energy Business Investment Summit to discuss collaboration opportunities, showcasing the deepening economic ties between the two nations.

Celebrating the 75th anniversary of diplomatic relations between China and Hungary and the 10th anniversary of the Hungarian Investment Promotion Agency (HIPA), Gergely Karbuczky, HIPA's deputy CEO and COO, expressed optimism about the future of Hungarian-Chinese relations.

Last year, Hungary received a record volume of 13 billion euros (14.1 billion U.S. dollars) in foreign direct investment, including 7.6 billion euros from Chinese investors, as figures published by HIPA indicate.

According to Peter Holicza, Deputy Secretary of State for European Union affairs and international relations at the Ministry of Energy, economic cooperation between China and Hungary has yielded 8.5 billion euros in investment, 33 projects, and over 13,000 jobs by Chinese investors in the past five years.

"We deeply appreciate the cooperation in the economic and energy sectors," Holicza said, mentioning the significance of Prime Minister Viktor Orban's visit to south China's Shenzhen last year and foreseeing Hungary's potential as an important player in the global battery manufacturing industry with China's support.

"The strength of quality relationships with China is crucial for helping us achieve our energy and climate goals," he added.

Sun Xiaoyu, chief representative of the Economic and Trade Office of Commerce Bureau of Shenzhen Municipality in Europe, stressed the growing trade relations between China and Hungary, as well as Shenzhen's contribution to Hungary's renewable energy sector.

"By 2023, the import and export between China and Hungary had reached 14.52 billion U.S. dollars. Last year, the total import and export volume amounted to 2.6 billion U.S. dollars," Sun said.

Chen Shou, president of the Shenzhen Renewable Energy Industry Association, underscored Shenzhen's leadership in China's renewable energy sector and the city's contributions to the global green transformation. "Green transformation has become an important trend... the Association will... promote the cooperation between Hungary and China to a new height."