Hungary-China Economic Ties Progressing Despite Pandemic

Economy Global

Economic relations between Hungary and China are continuing to progress steadily despite the coronavirus pandemic, Péter Szijjártó, the foreign affairs and trade minister, said after announcing an investment by Hungarian chemicals company BorsodChem, owned by China’s Wanhua group.


BorsodChem is investing 12 billion forints (EUR 33.2m) at is base in Kazincbarcika, in north-eastern Hungary, saving some 3,000 jobs in the area, Szijjártó said. The company is expanding its annual manufacturing capacity of 200 kilotonnes by 90 kilotonnes, he added.

Szijjártó praised BorsodChem as “one of the Hungarian economy’s most important businesses”, saying it had become a leader in both the domestic and European chemical sector. The company has retained all of its employees during the pandemic and has even been able to increase headcount, he added.

Commenting on Hungarian-Chinese economic ties, Szijjártó said the volume of Hungarian exports to China have increased by 12% his year, while bilateral trade turnover has risen by 18% compared with the same period last year. Chinese companies have announced ten investments worth a combined 140 billion forints in Hungary so far this year, he said.


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