Radovan Jelašić, Managing director of Erste Bank Hungary and also President of the Hungarian Banking Association spoke to CGTN Europe on China’s president Xi Jinping’s upcoming visit and China-Hungary trade ties.
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00:00Hungary is the third stop on President Xi Jinping's visit to Europe.
00:05Radovan Jelasic is the Managing Director of Erste Bank Hungary,
00:09also President of the Hungarian Banking Association.
00:13China is and has been for the last decade one of the most prosperous
00:19and more dynamic countries for the Hungarian trade.
00:23We had 7.6 billion euros of FDIs in 2023.
00:29We expect this number almost to double in the next couple of years.
00:33And I think also for the Chinese investors, Hungary obviously plays a major role
00:38as far as investment in Central Eastern Europe is concerned.
00:42I think it's also important to mention that in addition to the chemical industry
00:46that is already here from China, in addition to telecommunication into the banking sector,
00:51we are also expecting some other additional investment,
00:54especially in the automobile industry.
00:57The new ones that are coming, that are already in the way, is among others,
01:00cattle, but also BYD, which is going to build up a factory in Szeged.
01:05So we are all excited and we are hoping that this is going to boost
01:09the future economic relationships as well.
01:11Now we have the Belt and Road Initiative that is currently developing the railway
01:19between Belgrade and Budapest and also this oil pipeline between Hungary and Serbia.
01:26Aside from that, what has been the impact in the Hungarian economy of the BRI?
01:33Listen, we are aware that infrastructure developments are representing, so to say,
01:38the backbone of the sustainable and long-term economic growth.
01:43In addition to the issues already mentioned, let me just raise the fact that
01:48there are weekly 17 direct flights between Hungary and China,
01:52which is also cementing, so to say, the good relationship.
01:55As far as I am aware, there is no other country in the CE
01:58where there are more direct flights from China than to Hungary.
02:01I think it's very important.
02:03And I do hope that this also represents, so to say, a good welcome
02:11to all the Chinese businessmen who are coming over to Europe,
02:15because obviously then Hungary is going to be one of the major boards
02:20and major, so to say, jumping stones for all of their businesses in Central and Eastern Europe.
02:25You already mentioned the Budapest-Belgrade train.
02:29That infrastructure piece fits perfectly into the south-north relationship
02:35between Piraeus through the Western Balkans all over to Budapest.
02:40And we do hope that this also contributes to a cheaper, faster
02:45and economically more reliable relationship between not only Hungary and China,
02:50but between European Union and China as well.