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China is investing 3 billion euros in Hungary's automotive industry in the coming period, Péter Szijjártó said after talks with Minister of Commerce Wang Wentao in Beijing.

The projects will further strengthen Hungary’s position as a top investment destination in central Europe, the minister of foreign affairs and trade said. Szijjártó had talks with the chief executives of five major Chinese companies, four of which will implement investments in Hungary’s electric car industry which supplies German manufacturers. The new investments will make a significant contribution to Hungary’s ability to maintain its economic growth, the minister said, adding that the projects would be implemented in the interest of renewing Europe’s automotive industry and meeting the demands of German manufacturers. Chinese companies, Szijjártó said, consider the country a top destination for their investments in central Europe, noting that by the end of 2022, Hungary had the largest volume of Chinese investments in the region. “We want to continue maintaining this trend … so we’ll encourage additional investments from China, giving them the maximum possible support,” he said.