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Jul 11, 2019

FM: Bavaria to bring new investments to Hungary

“As a result of Europe’s lowest (corporate) taxes, a well-trained workforce and the quality of higher education, Bavarian companies continue to have a high level of trust in Hungary,” Péter Szíjjártó, Minister of Foreign Affairs and Trade, said.

The Foreign Minister has said companies from the German federal state of Bavaria could shortly bring fresh investments worth HUF 45 billion (EUR 138 million) to Hungary.

“As a result of Europe’s lowest (corporate) taxes, a well-trained workforce and the quality of higher education, Bavarian companies continue to have a high level of trust in Hungary,” Péter Szíjjártó, Minister of Foreign Affairs and Trade, said after meeting captains of industry in Münich.

According to MTI, the Minister said the success of the Hungarian economy hinges to a great extent on economic trends in Bavaria, and Hungary is interested in the success of the companies there, so they can keep investing in the country.

Minister Szíjjártó met leaders of the world’s largest industrial gas company, Linde (now headquartered in Ireland after the merger of Germany’s Linde AG and the US’s Praxair), those of automotive parts supplier Schaeffler Group, Bavarian economics minister Hubert Aiwanger and Oliver Zipse, BMW’s director of production.

The Minister also pointed out that the companies whose leaders he met will bring state-of-the-art technological investments to Hungary.

“These investments will create thousands of high added value, high technology jobs in Hungary,” Minister Szíjjártó said. He also pointed out that the 150 Bavarian firms present in Hungary have so far invested more than 8 billion euros in the country, creating 50,000 jobs.

Photo credit: MTI