China's auto supplier Baolong to invest 16 mln USD in Hungary

BUDAPEST, Feb. 17 (Xinhua) -- China's auto supplier Shanghai Baolong Automotive Corporation is investing 5 billion forints (16 million U.S. dollars) in a new production site for automotive sensors in central Hungary, the Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto announced on Thursday.

"A new factory will be built in Szigetszentmiklos (South of Budapest) which will be the European headquarters of the Baolong Group's automotive sensor division," Szijjarto said in a video message posted on his Facebook page.

A production site of 7,500 m2 will be built, with additional office and storage space. The new facility is scheduled to be up and running by early 2023.

The investment will give new impetus to economic cooperation between Hungary and China, the Hungarian Minister said.

Meanwhile, Zuqiu Zhang, CEO of Shanghai Baolong Automotive Corporation, said the investment is a "continuation of Baolong's European Growth Strategy".

Szijjarto said the deal was more proof of the Hungarian government's Eastern Opening policy.

Hungary has benefited greatly from its economic and political cooperation with China. said the minister, citing that bilateral trade was breaking records on a regular basis, surpassing 11 billion U.S. dollars in 2021.

The value of Chinese investment has exceeded 5 billion U.S. dollars so far, Szijjarto added.

"We will continue to focus on practical, pragmatic cooperation with China based on mutual respect," he said.