The brownfield investment, which will be Wasion’s sixth such base, is being supported with a 390 million forint government grant and will create 300 jobs, Péter Szijjártó said.

The plant will produce one million smart electricity meters a year starting in 2025. The project will help Hungary continue breaking its export records, he said, noting that Wasion exports its products to 50 countries.

He said the investment proved that “pursuing a foreign policy based on common sense is worthwhile”.

The Hungarian government sees opportunity rather than danger in cooperation with China, Szijjártó said, urging the European Union to also choose cooperation over hostility with the country.