FM: Hungary broke two investment records last year

Hungary broke two great, investment-related records last year despite negative developments in the global economy.

The foreign minister said Hungary broke "two great, investment-related records" last year despite negative developments in the global economy.

Péter Szijjártó, Minister of Foreign Affairs and Trade, said agreements had been signed on FDI totalling an unprecedented HUF 1,886 billion (EUR 5.3bn) during the year. He added that the Hungarian government was providing HUF 270 billion in grants to aid those projects. Last year also saw the launch of the greatest greenfield development ever made in Hungary, with South Korea’s SK Innovation building a battery plant worth HUF 680 billion, the minister said, adding that altogether eight projects worth over 100 million euros were launched last year, including schemes by South Korean Eco Pro, and Turkey’s Sisecam.

Minister Szijjártó pointed to a “significant increase in the weight of the East in the global economy”, and he said the Hungarian government had launched its strategy of Eastern opening in 2010 “just in time”. Fully 60 percent of Hungary’s foreign investment came from the East last year, with the list of investors led by South Korea, he said. German businesses, however, “continue to have a good time” in Hungary, having seen through 24 out of a total 96 development projects, he added.

Photo credit: Facebook/Szijjártó Péter