Hungary Rejects US Pressure to Reduce Chinese Economic Ties: Bloomberg
By Staff, Agencies
Hungary will not reduce its economic ties with China, Economy Minister Marton Nagy confirmed, signaling that Prime Minister Viktor Orban’s government remains committed to Beijing despite growing pressure from the United States, Bloomberg reported on Monday.
Speaking to reporters in Budapest, Nagy stated that Hungary does not foresee any US investments that could replace current Chinese economic contributions.
"We don’t see an investment potential from the US that would be on par with China," he said, "We have a very pragmatic position."
The report highlighted the lack of a new tax treaty between Hungary and the US, severed by the Biden administration, as a key obstacle. Nagy argued that without such an agreement, US investments in Hungary remain limited.
The US pressure on Hungary has intensified, with Washington urging Budapest to scale back its reliance on China.
US President Donald Trump’s administration raised concerns over China's growing influence, particularly in Hungary’s electric vehicle industry and telecommunications.
According to Bloomberg, Hungary has emerged as a strategic partner for China in Europe.
Major Chinese firms, including Contemporary Amperex Technology Co. (CATL) and BYD Co., invested heavily in Hungary’s electric vehicle sector.
Additionally, Hungary is strengthening ties with Huawei Technologies Co., collaborating with 4iG Nyrt. to develop a joint cloud services platform.
These developments highlight China's critical role in Hungary's economic strategy, especially as Prime Minister Viktor Orban continues to open opportunities for the country to remain a hub for advanced manufacturing and technology in Europe.
Hungary will not reduce its economic ties with China, Economy Minister Marton Nagy confirmed, signaling that Prime Minister Viktor Orban’s government remains committed to Beijing despite growing pressure from the United States, Bloomberg reported on Monday.
Speaking to reporters in Budapest, Nagy stated that Hungary does not foresee any US investments that could replace current Chinese economic contributions.
"We don’t see an investment potential from the US that would be on par with China," he said, "We have a very pragmatic position."
The report highlighted the lack of a new tax treaty between Hungary and the US, severed by the Biden administration, as a key obstacle. Nagy argued that without such an agreement, US investments in Hungary remain limited.
The US pressure on Hungary has intensified, with Washington urging Budapest to scale back its reliance on China.
US President Donald Trump’s administration raised concerns over China's growing influence, particularly in Hungary’s electric vehicle industry and telecommunications.
According to Bloomberg, Hungary has emerged as a strategic partner for China in Europe.
Major Chinese firms, including Contemporary Amperex Technology Co. (CATL) and BYD Co., invested heavily in Hungary’s electric vehicle sector.
Additionally, Hungary is strengthening ties with Huawei Technologies Co., collaborating with 4iG Nyrt. to develop a joint cloud services platform.
These developments highlight China's critical role in Hungary's economic strategy, especially as Prime Minister Viktor Orban continues to open opportunities for the country to remain a hub for advanced manufacturing and technology in Europe.
