The foreign minister has revealed that Ericsson Magyarország is implementing a HUF 3 billion (EUR 8.3m) expansion of its R&D hub in Budapest using a HUF 600 million non-refundable government grant.
Péter Szijjártó, Minister of Foreign Affairs and Trade, said the Swedish telecoms giant’s development involving cloud-based multimedia systems will create 200 jobs. As a result, Hungarian engineers and IT experts will leave their mark on the global development of the IT and telecoms industry.
Minister Szijjártó said Ericsson has been present at every first step taken in the history of Hungarian telecommunications. One of the company’s globally important R&D hubs is in Budapest, employing over 2,000 people. He also noted that Ericsson already operates 85 5G networks around the world and will soon start the initial phases of 6G network development. Some 80 percent of the company’s revenues result from exported services, which shows that developments made in Budapest are internationally competitive, he added.
The minister added that Hungary-Sweden bilateral trade increased by 32 percent in the first quarter of this year, with over 700 million euros worth of Swedish capital invested in Hungary. He added that the strategic and structural transformation of Hungary’s higher education was under way, and some HUF 1,500 billion will be spent on university development. Government spending on R&D is increasing an annual 25 percent this year.