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FM: Hungaroring redevelopment is world's most spectacular sports infrastructure upgrade
FM: Hungaroring redevelopment is world's most spectacular sports infrastructure upgrade

Budapest Times

time3 days ago

  • Business
  • Budapest Times

FM: Hungaroring redevelopment is world's most spectacular sports infrastructure upgrade

Péter Szijjártó, Minister of Foreign Affairs and Trade, described the 2025 redevelopment of the Hungaroring as 'the most spectacular sports infrastructure upgrade in the world this year' during remarks made in Mogyoród following talks with Formula-1 Group CEO Stefano Domenicali. The minister emphasized that the recent transformation of the Hungarian Formula 1 venue over the past 12–13 months had 'impressed the entire Formula-1 world, including its management, rights holders and teams.' He added that other race promoters were present to observe the improvements. 'They see what they'll need to do at other locations worldwide,' he said. Minister Szijjártó underlined that despite the scale of the development, Hungary did not cancel a single Grand Prix. 'The series' leadership refers to our project as a model for future F1 developments,' he stated, highlighting that the upgrade retained a uniquely Hungarian character while aligning with global standards and preserving a 40-year tradition. He also said the project had prompted Formula 1 leadership to 'naturally consider' keeping the Hungarian Grand Prix on the calendar beyond 2032. 'We didn't carry out these world-class developments just to stop in 2032,' he noted. Szijjártó emphasized that the 10-month project delivered GDP impacts of HUF 25–30 billion in a single race weekend and brought significant international exposure. 'This proves that even seemingly impossible projects can be realized swiftly with political will and expertise,' he said. 'Hungary benefits greatly from Formula 1.'

Hungary plans to bring in US small modular reactor tech with Polish partner
Hungary plans to bring in US small modular reactor tech with Polish partner

Reuters

time31-07-2025

  • Business
  • Reuters

Hungary plans to bring in US small modular reactor tech with Polish partner

BUDAPEST, July 31 (Reuters) - Hungary has taken a key step towards importing small modular nuclear reactor technology by partnering with Poland's Synthos Green Energy, which holds the rights to GE Vernova Hitachi's technology in central Europe. Hungarian nuclear energy development firm Hunatom signed a letter of intent with Synthos, which serves as project developer for building BWRX-300 reactors in the region. "This agreement is about initiating the technological, infrastructural, financial, and legal preparatory work needed to bring this American nuclear technology to Hungary," Hungarian Foreign Minister Péter Szijjártó said late on Wednesday. GE Vernova Hitachi is a joint venture between General Electric (GE.N), opens new tab and Japanese conglomerate Hitachi (6501.T), opens new tab. It was not immediately clear how many reactors Hungary wants. In 2023, Energy Minister Csaba Lantos said that Hungary will need to build at least one small modular reactor. "The United States and Hungary are deepening our relationship across the board: in defense, in commerce, in space, and in energy," Robert Palladino, Chargé d'Affaires at the U.S. embassy in Hungary, said after the signing ceremony. Hungary currently has a nuclear plant with four Soviet-made VVER reactor units, first brought online between 1982 and 1987. In 2014, Hungary signed an agreement with Russian nuclear firm Rosatom worth 12.5 billion euros to build two 1.2 gigawatt reactors at Paks on top of the four existing reactors. However, the project, called Paks 2, has experienced long delays. The project was awarded to Rosatom without a tender, and it is often cited as a sign of continued close ties between NATO and European Union member Hungary and Russia, despite the war in Ukraine - a connection that has unnerved Western allies.

Szijjártó: EU supports Ukraine but fails to embrace countries like the Western Balkans
Szijjártó: EU supports Ukraine but fails to embrace countries like the Western Balkans

Budapest Times

time30-07-2025

  • Politics
  • Budapest Times

Szijjártó: EU supports Ukraine but fails to embrace countries like the Western Balkans

Péter Szijjártó, Minister of Foreign Affairs and Trade, said the European Union's policies suggest that 'a country, like Ukraine, which would bring war to the community, will be met with open arms' while the EU fails to embrace countries such as those in the Western Balkans, that would ensure 'development and fresh energy'. Following talks with Dragan Covic, deputy speaker of the upper house of Bosnia and Herzegovina, in Budapest on Monday, the two parties held a joint press conference, where Minister Szijjártó noted that Hungary's foreign policy was centred upon peace and stability 'at the current times of extraordinary challenges and crises.' 'We want to see peaceful solutions to the wars currently underway and prevent further conflicts through stability,' the foreign ministry quoted Minister Szijjártó as saying. He added that peace and stability were also at the centre of Hungarian efforts concerning Bosnia and Herzegovina. It is in Hungary's fundamental interest 'that there is calm in the Western Balkans region', he added. While the Hungarian government pursues a responsible neighbourhood policy, 'Brussels' irresponsible policy continuously destroys Europe's security,' he said. 'When it comes to the war in Ukraine, Brussels keeps pouring oil into the fire; they push for Ukraine's fast-track accession and that Ukraine should bring the war into the EU,' he said, adding that the EU's rejection of admitting the Western Balkans was 'another dangerous and irresponsible decision'. The EU's policy is 'extremely dangerous', Minister Szijjártó said, adding that the Hungarian government 'firmly rejects' Ukraine's admittance but supports the Western Balkans' accession. Minister Szijjártó assured his negotiating partner of Hungary's support to 'stability, development, and calm' in Bosnia and Herzegovina, but added that it was necessary that all ethnicities should be granted their due rights. 'Croats in Bosnia and Herzegovina should be granted the right to elect leaders to represent them; it is important that Bosnia and Herzegovina removes the negative discrimination against Croats at their election,' he said. People in Bosnia and Herzegovina should have 'the decisions concerning the future of their country in their own hands, without people coming from outside and without any legitimacy telling them what they should do,' he said. 'The Croatian community in Bosnia and Herzegovina can continue to rely on Hungary's support, Bosnia and Herzegovina and the whole of the Western Balkans can count on Hungary's support,' Minister Szijjártó said.

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