Reference Message Network reported on April 29 that according to the Singapore Straits Times website report on April 29, Hungarian officials said on the 28th that they would not weaken economic ties with China. This is the clearest signal so far indicating that the Hungarian government led by Prime Minister Orban will not yield to US pressure to distance itself from Beijing.
According to Reuters, Hungarian Minister of National Economy Marton Nagy told reporters in Budapest on the 28th that so far, Hungary has not seen any new U.S. projects entering the country that can match the scale of Chinese investments, one reason being that the United States has not yet signed a new tax agreement with Hungary.
He said, "We do not see investment potential in the U.S. that can rival China. Our position is very pragmatic."
Reportedly, after China became an important partner in Hungary's electric vehicle industry and telecommunications sector, U.S. President Trump has been pressuring Budapest to reduce its dependence on Beijing.
In recent years, China's battery giant Contemporary Amperex Technology (CATL) and global electric vehicle giant BYD have become important investors in Hungary. Hungary has also agreed to deepen cooperation between its enterprises and Huawei to jointly develop cloud service platforms.
Hungarian Minister of National Economy Marton Nagy (AFP)
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