In this handout photo released by Russian Foreign Ministry Press Service, Hungary's Minister of Foreign Affairs and Trade Peter Szijjarto gestures while speaking to the media during a joint news conference with Russian Foreign Minister Sergey Lavrov following their talks in Moscow, Russia, Thursday, July 21, 2022 (Russian Foreign Ministry Press Service via AP)

Hungarian Foreign Minister Peter Szijjarto said on Monday that investments amounting to 8 to 10 billion euros ($8.5 billion - $10.7 billion) may be given to Hungary by four Chinese companies according to negotiations that are currently ongoing.

Chinese Central Foreign Affairs Office Director Wang Yi arrived earlier on Monday in Budapest to meet with Szijjarto and Hungarian Prime Minister Viktor Orban to discuss Beijing and Budapest's ties, economic cooperation, and several regional issues, such as the Ukraine war.

"I would like to emphasize once again that we welcome China's position to achieve peace [in Ukraine] as soon as possible. I sincerely hope that we could successfully work together to do this, to achieve peace," Szijjarto told a press conference following his talks with Wang.

Hungary was the only country in the EU to refuse to support Brussels' initiative to train the Ukrainian army in Europe, Hungarian Foreign Minister Peter Szijjarto said in October, highlighting that his country would not participate in the EU's training of Kiev's soldiers.

The country is the only European Union member state to take such a stance, with its Foreign Minister explaining Budapest's position by underlining that it supported peace efforts rather than escalation.

Cited by Hungarian news agency MTI, Szijjarto said following the meeting: "Now a series of negotiations are underway with four large Chinese companies, with the completion of which new investments in the amount of 8 to 10 billion euros may arrive in Hungary,"

Agricultural cooperation between both nations is also being developed, with Szijjarto noting that his country had the largest amount of licenses for food imports to China among the Central European region.

Back in December, Szijjarto said that investment input to Hungary’s economy in 2022 reached a record 6.5 billion euros and highlighted that in 2023, the investment in the country will skyrocket even higher.