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Jan 29, 2020

FM: Hungary must continue with "ongoing dimensional shift" of its economy

The foreign minister said the government’s investment decisions this year will all come down to the levels of technology, the value-added and the levels of research and development involved with the given prospective projects.

The foreign minister has said Hungary must carry on with the "ongoing dimensional shift" of its economy, with the government’s investment policy placing emphasis on developments instead of production.

Péter Szijjártó, Minster of Foreign Affairs and Trade, said the government’s investment decisions this year will all come down to the levels of technology, the value-added and the levels of research and development involved with the given prospective projects.

Speaking at an event organized by the German-Hungarian Chamber of Industry and Commerce on Tuesday, the minster said thanks to its reorganized investment promotion system, Hungary is set to remain an attractive destination in the global race for investments.

According to MTI, Minister Szijjártó highlighted Hungary’s automotive investments, noting, however, that 60 percent of last year’s investments in the sector had come from Asia. He said the majority of pending investment projects are also set to come from the East.

The minister expressed hope that German companies will increase their share of investments in Hungary this year, adding, at the same time, that they had been crucial in investments and exports hitting record highs in 2019.

Minister Szijjártó noted that there are currently 6,000 German companies present in Hungary employing some 300,000 people. He added that last year’s trade volume between the two countries was expected to reach a new record. 

Finally, the minister welcomed that Hungary had been able to hold its own in the most innovative economic sectors last year and had proven that it is possible to achieve growth while pursuing a strict fiscal policy and reducing harmful emissions.