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Dec 05, 2017

Hungarian exports set to reach the 100 billion euro landmark for the first time

The foreign minister said the government seeks to improve export possibilities for Hungarian companies worldwide and to entice foreign companies to invest in Hungary in an ever more competitive international environment

Hungary's foreign minister has said that Hungarian exports may reach the 100 billion euro landmark for the first time this year.

Péter Szijjártó, minister of Foreign Affairs and Trade, said that based on data from the first nine months of the year the 100 billion euro figure is realistic.

The minister highlighted that in 2016, with an export of 93 billion euros, Hungary’s trade surplus in reached 10 billion euros. In an annual comparison, export has grown by 9 percent, 6.1 billion euros. He said 80 percent was directed to the European Union.

Export to countries outside of the EU grew faster than average, by 12 percent. As an export-oriented country, Hungary did well to open towards the fastest developing countries in the south and east, he said. Export to the East has grown by 15 percent, and to southern countries by 22 percent.

According to MTI, foreign investment in Hungary had improved due to the government’s investment incentive system. There were 71 foreign investments launched in Hungary in 2016, totaling 1,038 billion HUF (3.3bn EUR). In January-November 2017, 79 investments worth 949 billion HUF were started, he said.

The minister said that the government seeks to improve export possibilities for Hungarian companies worldwide and to entice foreign companies to invest in Hungary in an ever more competitive international environment.