articleimg-1
Jan 12, 2018

Hungary's FM: The success of the Hungarian economy depends on adapting to the latest technologies in the fastest time

Péter Szijjártó, minister of Foreign Affairs and Trade, said that it's cucial for Hungary to adapt in the fastest posssible time and include the involvement of high-tech companies

Hungary's foreign minister has said the success of the nation's economy will depend on whether we are able to change over to the new era of the automotive industry and to implement the technologies of autonomous vehicles and electromobility.

Péter Szijjártó, minister of Foreign Affairs and Trade, said that it's cucial for Hungary to adapt in the fastest posssible time and include the involvement of high-tech companies.

The minister said that the government had made a contribution of 465 million HUF in the form of non-repayable grants to the Miskolc investment. The value of the investment by the Japanese company GS Yuasa reaches 8.8 billion HUF.

Makoto Yoda, GS Yuasa’s senior advisor, said that the Miskolc plant will be the first of its kind outside Japan and the plant will manufacture lithium-ion batteries. The investment will create 51 jobs in the first phase and construction works will begin in February.

The minister said that, with the Hungarian government’s support, 71 projects worth 3.2 billion EUR were brought to Hungary in 2016, while in 2017 a record level of 96 investments were made in Hungary worth 3.5 billion HUF in total.

He added that the average wage in 2016 amounted to 255,000 HUF and increased to 304,000 HUF last year, which proves that it is possible to create a competitive investment environment even against the background of increasing wages, he said.

The minister also noted that 170 Japanese companies provide a living for some 26,000 Hungarian employees in Hungary.