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General Electric to invest HUF 10 billion in Hungary

The foreign minister noted that US companies have undertaken 22 investments worth HUF 42 billion in the past year and a half.

Péter Szijjártó, Minister of Foreign Affairs and Trade, said General Electric is investing HUF 10 billion (EUR 27.8) to expand its turbine plant in Veresegyház, in central Hungary. The investment will create 100 new jobs.

According to MTI, the minister noted that US companies have undertaken 22 investments worth HUF 42 billion in the past year and a half. Those investments have been supported by a total of HUF 16 billion in government grants, preserving over 14,000 jobs, he added. He noted that 1,700 US companies employ 106,000 people in Hungary.

Minister Szijjártó also said that Hungary had rebounded from the economic fallout of the coronavirus pandemic by the end of H1, 2021. This put the country a year and a half ahead of global recovery, which is expected to reach the same level by the end of 2022, he said. While some 114 million people have lost their jobs worldwide, Hungary has more jobholders than ever since the fall of communism, thanks to companies which continued to expand capacity in Hungary during the pandemic, he said.

The minister also noted that talks at the OECD meeting in Paris on Wednesday came “very close” to reaching an agreement on a planned minimum global corporate tax that “will not hurt the Hungarian economy and will not put Hungarian investments or workplaces at risk”.

Photo credit: MTI