💬 Hungarian Economy Minister Márton Nagy stated that Budapest has no intention of cutting cooperation with China despite U.S. demands to distance itself from Beijing, Bloomberg reports.
Source: “Espreso“
🇨🇳 According to Nagy, Hungary “does not see American investments on the horizon that could replace Chinese ones,” which determines the country’s pragmatic course in international economics.
📑 One of the barriers is the lack of a new tax agreement between the U.S. and Hungary after it was terminated by former President Joe Biden’s administration.
🤝 Under pressure from the administration of U.S. President Donald Trump, China remains a key partner for Budapest, especially in the fields of electric vehicles and telecommunications.
🚗 Among the major Chinese investors in Hungary are the battery manufacturer Contemporary Amperex Technology Co. and electric vehicle giant BYD Co. Hungary is also actively expanding cooperation with Huawei in cloud technology through the local company 4iG Nyrt., which aims to become a national champion in defense and telecommunications.
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