Péter Szijjártó, Minister of Foreign Affairs and Trade, said a signal achievement of the past 10-12 years is that the Hungarian economy is supported by multiple pillars and many of its sectors are globally competitive.
Announcing an investment by Turkey’s Sisecam Group which manufactures glass products for the automotive industry, in Aszód on Tuesday, the foreign minister said the country’s economic diversity has helped it overcome the global economic crisis. The foreign ministry noted in a statement that the government is providing a grant of HUF 650 million (EUR 1.8m) in support of Sisecam’s HUF 3 billion development to be completed by the end of this year, adding 100 jobs.
Minister Szijjártó said at the event that coronavirus-related restrictions had cost the country HUF 10-15 billion each day, so reopening the economy two months ahead of competitors had been of huge significance and contributed to the country’s investment record and annual growth of over 6 percent. The minister said the government has launched “one of the biggest investment promotion schemes ever”, with 290 billion forints given in support of 30 industries with a view to boosting competitiveness. Noting that car-making is the “backbone of the Hungarian economy”, he said that it was instrumental that suppliers should increase their capacity. Sector output in the first 11 months of last year totalled HUF 8,700 billion, while car-making provides 160,000 jobs in the country, he added. Turkey, he said, is a “strategic partner and friend” of Hungary. Bilateral trade turnover grew by 15 percent in 2021, and was worth 4 billion euros, he added. In 2021, Sisecam announced a new HUF 73 billion in Kaposvár, creating 329 new jobs.
Photo credit: MTI