Finance Minister: Swiss businesses benefit from Hungary’s escalating growth

Switzerland is the 9th largest investor in Hungary and Swiss companies employ 30,000 people.

Finance Minister Mihaly Varga said Swiss businesses are benefitting from Hungary’s competitive taxes and escalating growth, while Hungarian companies have a growing presence in Switzerland.

After meeting counterpart Karin Keller-Suttert, Minister Varga said Switzerland is the 9th largest investor in Hungary, further noting that Swiss companies employ 30,000 people. Bilateral trade turnover overtook the two-billion-euro mark in 2023, and more than 800 Swiss companies have remained committed to Hungary during the war, it said, adding that like Hungary, Switzerland also stood for peace. An agreement on double tax avoidance is expected to be passed by the Swiss parliament in June and would further boost economic ties, Varga said. Regarding Hungary’s EU presidency, Varga said much emphasis will be placed on the EU’s competitiveness and demographic challenges, the green transition and sustainable debt, in preparation for the bloc’s 2025 budget. Varga said Switzerland’s Hungarian diaspora was a notable link between the two countries.