Hungarian Minister for  National Economy Marton Nagy speaks during an interview with Xinhua in  Budapest, Hungary, April 18, 2024. (Photo by Attila Volgyi/Xinhua)

BUDAPEST,  May 4 (Xinhua) -- As the Belt and Road Initiative (BRI) gained fresh  momentum last year on the occasion of its 10th anniversary, Hungary is  looking forward to furthering its cooperation with China, a Hungarian  official has said.

During a recent exclusive interview with  Xinhua, Hungarian Minister for National Economy Marton Nagy said that  the Hungarian side is looking forward to further cooperating with China  in terms of foreign trade, capital investment, infrastructure,  logistics, artificial intelligence, and new energy, among others.

The two countries have enjoyed a stable relationship, which is based on mutual trust and respect, Nagy noted.

He  said that in 2023, Hungary was able to attract a total of 13 billion  euros (about 13.86 billion U.S. dollars) in foreign direct investment,  of which about 8 billion euros (about 8.53 billion dollars) were from  Chinese investments.

Cooperation between Hungary and China in the financial field has also made great progress, he added.

He  cited the example of the Bank of China, which has been present in  Hungary since the mid-1980s and has chosen Budapest as its Central and  Eastern European headquarters. In addition, many Chinese financial  institutions have established or are about to establish branches or  representative offices in Hungary.

Hungary is the first European  country to sign a Belt and Road cooperation document with China. In  recent years, the BRI has synergized more closely with Hungary's Opening  to the East policy, enhancing bilateral practical cooperation in trade,  investment, finance, and other areas.

Stressing the global  significance of the initiative, Nagy said the BRI energizes global trade  and economic cooperation among partner countries.

Hungary  actively participates in the BRI, he said, noting that the  Budapest-Belgrade railway, a flagship BRI project, not only benefits the  two countries but facilitates the economic development of the entire  region.

Citing China's robust economic performance, he said  China's economic success is good news considering the Chinese economy's  influence on the global economy.

China is on the right track based  on its strategic thinking, he said, noting China's successful  development of the electric vehicle (EV) ecosystem as an example.

By  developing solar panels, charging stations, electric cars, and  batteries simultaneously, China's strategic thinking is the reason for  its success, he said.

Talking about China's EV industry, Nagy expressed concern over the ongoing anti-subsidy probe launched by the European Union.

"Now  we fear that some countries might come up with the foolish idea to  impose tariffs on Chinese electric cars," he said, noting that  protectionism has always been a dead end.

"Protectionism is a bad path, especially in terms of electric cars," he said.

China's  battery manufacturer Contemporary Amperex Technology Co. Limited (CATL)  and EVE Energy, as well as EV maker BYD, have been working on  production facility plans in Hungary.