The Belt and Road Initiative has presented massive trade and investment opportunities for European countries such as Hungary and Serbia, helping them develop into important regional players from once being on the periphery of Europe, experts said.
Hungary was the first European country to sign a BRI cooperation agreement with China, which has provided opportunities for the country’s infrastructure development and made significant contributions to improving China-Hungary economic and financial ties.
The bilateral trade between the two countries has witnessed remarkable growth in recent years. Last year, their total trade volume exceeded $13 billion, according to data from Hungary.
Moreover, Hungary, among all Central and Eastern European countries, receives the most foreign investment from China. Its direct investment in Hungary reached 7.6 billion euros ($8.2 billion) last year, accounting for 58 percent of the total foreign direct investment in the country.
These investments have helped create more than 10,000 job opportunities in Hungary.
In particular, Chinese investment has played a pivotal role in solidifying Hungary’s position as a key player in the European automotive market, said Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation.
https://www.ecns.cn/news/economy/2024-05-09/detail-iheafqys1342148.shtml