Industry leaders and government officials from Hungary and China recently gathered at the 2024 Hungary Renewable Energy Business Investment Summit, highlighting the burgeoning economic collaboration between the two nations.
The summit, which coincided with the 75th anniversary of diplomatic relations between China and Hungary and the 10th anniversary of the Hungarian Investment Promotion Agency (HIPA), showcased a promising future for bilateral relations.
According to Gergely Karbuczky, HIPA’s deputy CEO and COO, Hungary witnessed a significant influx of foreign direct investment (FDI) last year, reaching a record volume of 13 billion euros, with Chinese investors contributing 7.6 billion euros.
Peter Holicza, Deputy Secretary of State for European Union affairs and international relations at the Ministry of Energy, emphasized the fruitful economic cooperation between the two countries, resulting in 8.5 billion euros in investment, 33 projects, and the creation of over 13,000 jobs by Chinese investors over the past five years.Holicza also underscored the importance of Prime Minister Viktor Orban’s visit to Shenzhen, China, last year, highlighting Hungary’s potential as a significant player in the global battery manufacturing industry with China’s support.
He emphasized that strong relationships with China are pivotal in achieving Hungary’s energy and climate objectives. Sun Xiaoyu, chief representative of the Economic and Trade Office of Commerce Bureau of Shenzhen Municipality in Europe, emphasized the growing trade ties between China and Hungary, along with Shenzhen’s contributions to Hungary’s renewable energy sector.
Chen Shou, president of the Shenzhen Renewable Energy Industry Association, highlighted Shenzhen’s leadership in China’s renewable energy sector and its commitment to global green transformation. Shou emphasized the importance of green transformation as a global trend and expressed the Association’s commitment to elevating cooperation between Hungary and China to new heights.
The collaboration between Hungary and China in the renewable energy sector holds immense potential for both countries. With China’s expertise and investment, Hungary can accelerate its transition towards sustainable energy sources, contributing to its energy security and environmental goals.
At the same time, China can benefit from Hungary’s strategic location in Europe, gaining access to new markets and fostering innovation through cross-border collaboration. As the world grapples with the challenges of climate change and energy transition, partnerships like the one between Hungary and China exemplify the importance of international cooperation in achieving sustainable development goals. By working together, countries can leverage each other’s strengths and resources to build a greener and more prosperous future for all.
