The foreign minister has said Hungary’s economy is undergoing a dimensional shift which has placed the country among the winners in a new era of the global economy.
“The Hungarian economy has seen record investments this year thanks to the country’s consistently high-performing workforce, Europe’s lowest tax rates and a new support scheme,” said Péter Szijjártó, Minister of Foreign Affairs and Trade.
According to MTI, the minister said that over the first 11 months of the year, the economy benefitted from HUF 1,540 billion (EUR 4.7bn) worth of investments. He noted that this was already more than the total value of last year’s investments.
The minister said the average gross monthly wage linked to jobs created as a result of the government’s investment promotion scheme was HUF 457,000 in the first 11 months of the year compared with last year’s HUF 420,000.
Minister Szijjártó said Hungary had become a hub of the electric vehicle industry with the sector’s leading South Korean firms establishing bases in the country. He said the world’s largest electric vehicle battery plant and supplier network are being built in Hungary, adding that the country was poised for success in the new era of the global auto industry.
In regard to Hungary’s top economic partners, the minister said that for the first time in five years, South Korea, and not Germany, will be Hungary’s largest foreign investor in 2019.