Hungary, the world’s third biggest battery manufacturer in 2021, has made its mark in the sector, a government official said at a cornerstone ceremony in Biatorbágy, near Budapest, where Chinese manufacturer NIO will turn out battery swap stations.
Constant investments in the car industry vindicate the government’s policy of opening up to the East, Tamás Menczer, state secretary for the development of bilateral relations at the ministry of foreign affairs and trade, said on Friday.
More than a decade ago, nearly 80% of global investments were financed by Western capital, whereas now the tables have turned and 70% of investments are financed by Eastern capital.
Menczer said Hungary had always based its foreign policy on mutual respect, and this applied in the case of China, too.