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Chinaʼs CMC could invest up to EUR 1 bln in Hungary

China National Machinery Import and Export Corporation (CMC) could invest up to EUR 1 billion and set up a regional base in Hungary, under an agreement signed by CMC Chairman Ruan Guang and Hungarian Minister for Innovation and Technology László Palkovics in Beijing on Thursday.

The Ministry for Innovation and Technology noted in a statement that CMC is in the process of building a HUF 32 bln solar park in Kaposvár (some 186 km southwest of Budapest), which will be the largest in Central Europe, state news wire MTI reported.

Hungary aims to boost its solar park capacity from around 700 MW to 2,000-3,000 MW within five years, Palkovics said.

The minister also met with Lu Yimin, president of China General Technology Group, the parent company of CMC, to discuss possible areas of cooperation in future, as well as the details of the investment in Kaposvár.

Palkovics also signed a three-year agreement on an action plan connected to the Digital Silk Road cooperation agreement with He Lifeng, head of the National Development and Reform Commission (NDRC), the ministerial-level macroeconomic management agency under the Chinese State Council. Hungary signed the Digital Silk Road cooperation agreement in 2017.

Palkovics is visiting China as part of a delegation led by Prime Minister Viktor Orbán.