Hungary to Host European Development Center for BYD Electric Vehicles
Prime Minister Viktor Orbán announces significant investment from Chinese electric vehicle manufacturer BYD.
Hungary will become the European development center for BYD, a leading Chinese electric vehicle manufacturer, as announced by Prime Minister Viktor Orbán at a press conference in Budapest on Thursday.
Orbán made this declaration alongside Wang Chuanfu, the founder and CEO of BYD, and Wang Weizhong, the governor of Guangdong province.
This strategic cooperation agreement was signed by Péter Szijjártó, the Minister of Foreign Affairs and Trade, and Stella Li, the Executive Vice President of BYD.
The establishment of the development center is projected to create approximately 2,000 new jobs, as emphasized by Wang Chuanfu, who described the agreement as a significant step for BYD and expressed the company's honor in contributing to Hungary's economic development.
Wang Weizhong noted the growing trade between Hungary and Guangdong, which now constitutes 10 percent of the total trade between Hungary and China.
He highlighted that the new center would promote greener transportation options for the European populace while enhancing economic ties between Hungary and China.
Orbán reflected on his visit to BYD's headquarters in China two years prior, recalling the extensive collaboration efforts that followed.
He expressed gratitude to the Chinese delegation for their partnership, stating that the agreement signifies that future vehicle production will occur in Hungary.
He reiterated that Hungary's integration into the international automotive industry began in 1990, and he described the current transition towards electric vehicle manufacturing as essential for the Hungarian economy.
Orbán underscored the importance of China's role in this transition, pointing to the leading technology that China possesses in the electric vehicle sector.
The Prime Minister identified the current period as the most intense phase in the 76-year history of Hungary-China relations, referencing initiatives such as joining the Belt and Road program and Chinese President Xi Jinping's visit to Hungary the previous year.
He stated that Hungary aims to become a meeting point for Western and Eastern countries.
He remarked on the importance of Chinese investments as a critical driver of Hungary's economic growth, citing projects such as the Budapest-Belgrade railway, the construction of the V0 railway ring, and the oil pipeline between Hungary and Serbia, all of which involve Chinese participation.
Orbán noted Hungary's consistent opposition to EU tariffs against China and stressed the need for the government to advocate for the removal of these tariffs, asserting a belief that Europe’s future lies in partnership rather than confrontation.
Further, he expressed ambitions to bring not only factories but also corporate development and research centers to Hungary.
The significance of the current announcement and agreement was reaffirmed, as the establishment of BYD's development center is seen as a leap into a new era.
Orbán concluded by stating confidence that more international companies would follow BYD's lead in establishing their development centers in Hungary, marking a qualitative advancement for the country’s workforce and economy.
Orbán made this declaration alongside Wang Chuanfu, the founder and CEO of BYD, and Wang Weizhong, the governor of Guangdong province.
This strategic cooperation agreement was signed by Péter Szijjártó, the Minister of Foreign Affairs and Trade, and Stella Li, the Executive Vice President of BYD.
The establishment of the development center is projected to create approximately 2,000 new jobs, as emphasized by Wang Chuanfu, who described the agreement as a significant step for BYD and expressed the company's honor in contributing to Hungary's economic development.
Wang Weizhong noted the growing trade between Hungary and Guangdong, which now constitutes 10 percent of the total trade between Hungary and China.
He highlighted that the new center would promote greener transportation options for the European populace while enhancing economic ties between Hungary and China.
Orbán reflected on his visit to BYD's headquarters in China two years prior, recalling the extensive collaboration efforts that followed.
He expressed gratitude to the Chinese delegation for their partnership, stating that the agreement signifies that future vehicle production will occur in Hungary.
He reiterated that Hungary's integration into the international automotive industry began in 1990, and he described the current transition towards electric vehicle manufacturing as essential for the Hungarian economy.
Orbán underscored the importance of China's role in this transition, pointing to the leading technology that China possesses in the electric vehicle sector.
The Prime Minister identified the current period as the most intense phase in the 76-year history of Hungary-China relations, referencing initiatives such as joining the Belt and Road program and Chinese President Xi Jinping's visit to Hungary the previous year.
He stated that Hungary aims to become a meeting point for Western and Eastern countries.
He remarked on the importance of Chinese investments as a critical driver of Hungary's economic growth, citing projects such as the Budapest-Belgrade railway, the construction of the V0 railway ring, and the oil pipeline between Hungary and Serbia, all of which involve Chinese participation.
Orbán noted Hungary's consistent opposition to EU tariffs against China and stressed the need for the government to advocate for the removal of these tariffs, asserting a belief that Europe’s future lies in partnership rather than confrontation.
Further, he expressed ambitions to bring not only factories but also corporate development and research centers to Hungary.
The significance of the current announcement and agreement was reaffirmed, as the establishment of BYD's development center is seen as a leap into a new era.
Orbán concluded by stating confidence that more international companies would follow BYD's lead in establishing their development centers in Hungary, marking a qualitative advancement for the country’s workforce and economy.
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