Hungary exemplifies the benefits of East-West cooperation, a role it intends to maintain, stated Minister of Foreign Affairs and Trade Péter Szijjártó in Budapest on Thursday.

Fiberhome’s Investment Announcement

During the announcement of Fiberhome's investment, Minister Szijjártó revealed that the prominent Chinese electronics company will establish its first European plant in Kisbér, northwestern Hungary, to manufacture optical cables. This initial phase of the investment, valued at approximately HUF 6.5 billion (EUR 16.9 million), will receive state support amounting to HUF 970 million (EUR 2.5 million) and is expected to create 120 new jobs.

Enhancing Hungary's Technological Landscape

Minister Szijjártó highlighted that this cutting-edge investment will elevate the technological standards of Hungary's economy and bolster the electronics sector, which currently employs 130,000 people and produced over HUF 11 billion (EUR 28.6 million) in production value last year.

Shifting Global Economic Dynamics

He noted that the pace of growth in many key global economic sectors is now driven by Eastern advancements. Fifteen years ago, 80% of global investments were funded by Western capital, with Eastern capital contributing only 20%. Today, this ratio has reversed, leading to intense competition in Europe for such investments.

Fostering East-West Cooperation

Minister Szijjártó emphasized the importance of building bridges, not barriers, between East and West to facilitate smooth relations. He praised Hungary's strategy of opening up to the East, which has resulted in record-setting achievements in trade and investment. Hungary now boasts the highest level of Chinese investment among Central European countries, positioning the Chinese economy as a key driver alongside Germany in propelling the country’s economic performance.

Conclusion

The Fiberhome investment underscores Hungary's strategic position in fostering East-West cooperation and enhancing its technological and economic landscape. As Hungary continues to attract significant global investments, it solidifies its role as a crucial hub for international trade and development.