Hungary's Former Foreign Minister Szijjártó Resigns, Joins BYD; Government Probes Investment Decisions
Hungary's former foreign minister Péter Szijjártó resigned on July 15, 2026, to join BYD as head of external relations, after overseeing the company's investment in Hungary. Five days later, the new Hungarian government announced a full investigation into his decisions related to the BYD project. The case highlights shifting European investment patterns, as China-CEE trade reached 580.12 billion yuan (RMB) in the first half of 2026, growing for a tenth consecutive year.
On July 15, 2026, Péter Szijjártó, who had served as Hungary's foreign minister for 12 years, announced his resignation and joined BYD as the group's head of external relations. During his tenure, he was involved in introducing and promoting BYD's investment projects in Hungary. Five days later, Hungary's new government announced a comprehensive investigation into the decisions made during Szijjártó's term regarding the BYD investment project. This incident has become a landmark case reflecting the changing investment environment for Chinese companies in Europe in recent years.
On July 14, 2026, the State Council Information Office of China released data showing that trade between China and Central and Eastern European countries reached 580.12 billion yuan (RMB) in the first half of 2026, maintaining growth for the tenth consecutive year and becoming a bright spot in China-Europe economic and trade cooperation. In recent years, Central and Eastern European countries such as Hungary have gradually become important destinations for Chinese companies' emerging industries going overseas, while investment enthusiasm in Western Europe has cooled. The investment landscape of Chinese companies in Europe is undergoing a structural adjustment of 'retreat from the West and advance into the East'.
Why this event matters
The event has a measured impact on 1 industry. The strongest current signal is negative for New Energy Vehicles, with intensity 72/100 and 70% confidence over a short term horizon.
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