The foreign minister said Finnish telecommunications and IT company Nokia’s HUF 2.5 billion (EUR 6.35m) investment is set to create 150 advanced-skill jobs in Budapest as part of an R&D program in 5G technology.
Péter Szijjártó, Minister of Foreign Affairs and Trade, said the government is supporting the investment with a HUF 633 million grant. Nokia now employs more than 2,000 people at its R&D center in Budapest, which helps keep young talent in Hungary. Minister Szijjártó said the pandemic had further accelerated the dimensional shift of the Hungarian economy, adding that the country aspired to go from the “Made in Hungary era” to the “Invented in Hungary era” as quickly as possible. He said Hungary had made the right decision by focusing on the race for high value-added investments. Hungary has gone from spending 0.98 percent of its GDP on R&D in 2010 to spending 1.6 percent in 2022, a roughly 60 percent increase, he said.
Photo credit: MTI