Hungary’s two largest Chinese investors, Huawei Technologies and Wanhua-BorsodChem, have concluded a strategic agreement on raising the level of technology of Hungarian production to the highest possible level, which according to Minister of Foreign Affairs and Trade Péter Szijjártó confirms the success of Hungary’s Eastern Opening policy.

According to the agreement, Wanhua will be establishing its regional infocommunications centre in Hungary in the interests of increasing the level of quality of its regional production technologies to the highest possible level and developing its operations. Cooperation between the two Chinese companies, which are among the front runners on the world market, will also introduce state-of-the-art production technology based on big-data, cloud-based technology and communication between machines, the so-called “fourth industrial revolution”, in the region.

The agreement was signed on Thursday in Budapest in the presence of Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó and the Chinese Embassy’s temporary Chargé d'affaires Chen Xiaojun, by CEO of Huawei Technologies Hungary Cheng Vei-Feng and President and CEO of the Wanhua Group Ding Jiansheng.

“Huawei will be providing state-of-the-art products to Wanhua-BorsodChem to facilitate important advances in the field of intelligent production and the joint achievement of their business development goals”, CEO of Huawei Technologies Hungary Cheng Vei-Feng announced at the signing ceremony.

“By establishing Wanhua’s regional infocommunications centre in Hungary, the company aims to assure the efficiency of its plants and supply networks, the international competitiveness of the Group and its long-term sustainable development”, President and CEO Ding Jiansheng told reporters.

The cooperation agreement means that Wanhua, as the largest Chinese investor in Hungary and Huawei, as the second largest, have reinforced their commitment to social involvement and training professionals in Hungary.

Praising the two market-leading international Chinese companies’ commitment to Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó highlighted the fact that the strategic cooperation is important not only from an economic perspective, but also from a political one, as is confirms the success of Hungary’s Eastern Opening policy.

“Eastern Opening does not mean discarding traditional relations and is certainly not equivalent to only promoting Hungarian exports”, he stressed. “The policy came into being in light of the recognition that the intensity of the global movement of capital has changed”, he said. “While a few years ago production was usually moved from the West to the East, these days successful Eastern advanced technology companies are increasingly moving their production capacities to Europe to reduce costs”, he explained.

“Our goal is for successful Far-Eastern companies that want to establish a presence in Europe to consider Hungary as the best destination”, Mr. Szijjártó said. The Chinese Embassy’s Chargé d'affaires, Mr. Chen Xiaojun said that China regards Hungary as its most dependable partner in the European Union.

(MTI)