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Jul 20, 2018

FM: Successful economic cooperation with Israel is “extremely important” for maintaining Hungary’s economic growth

The foreign minister pointed out that some 200 Israeli companies already operate in Hungary, employing 5,000 people

The foreign minister has said successful economic cooperation with Israel is “extremely important” for maintaining Hungary’s economic growth.

Péter Szijjártó, minister of Foreign Affairs and Trade, made the remarks following talks with minister for Regional Cooperation Tzachi Hanegbi and director-general of the Foreign Ministry, Yuval Rotem, in Jerusalem.

The minister said it is “instrumental” for the Hungarian economy to be a part of “development outlining the innovative automobile industry of a modern age”. Minister Szijjártó said Israel is a key player in research and development based on self-driving vehicles, electromobility and the everyday use of artificial intelligence, which is in-line with Hungary's vision.

The minister pointed out that some 200 Israeli companies already operate in Hungary, employing 5,000 people. He said a 2 million euro joint innovation fund established last year had supported seven Hungarian-Israeli R+D+I projects. He said that the fund’s allocation could be raised to 10 million euros this year.

Minister Szijjártó also revealed that deliveries of gas to central Europe from an Israeli offshore field with some 800 billion cubic meters of reserves could start in 2024 or 2025.