Corporate

Hungary's economy is ready for a new paradigm shift towards broadening research and development and boosting its technological level, Peter Szijjarto, the minister of foreign affairs and trade, said on Monday after meeting senior Microsoft executives.

An increasing number of Hungarian businesses are successfully entering the market in Uzbekistan, with the presence of Hungarian companies getting stronger in that country's banking sector, in food industry and the pharmaceuticals industry, the finance minister said at the Tashkent International Investment Forum.

The government signed a cooperation agreement with telecommunications company Yettel Magyarorszag and infrastructure company Cetin Hungary on Tuesday.

Hungarian Ganz Machinery Works has signed an cooperation agreement with its Tunisian counterpart on upgrading Tunisia's railways, the minister of foreign affairs and trade said in Tunis on Monday.

Currently there are some 6,000 billion forints (EUR 15.2bn) worth of Chinese investment projects under way in Hungary, creating 25,000 new jobs, the foreign ministry quoted Peter Szijjarto, the minister of foreign affairs and trade, as saying in Beijing on Tuesday.

British American Tobacco is expanding production in Pecs, in south-west Hungary, with a new 60 billion forint (EUR 152.4m) plant manufacturing smokeless products, creating 450 jobs, Peter Szijjarto, the minister of foreign affairs and trade, said in Budapest on Friday.

Peter Szijjarto, the minister of foreign affairs and trade, on Thursday inaugurated a capacity expansion of French machine manufacturer Alstom in Matranovak, in north-east Hungary, and said that record investments would propel the country to the top of Europe's list of fastest-growing nations.

Hungarian telecommunications company Optiwella is investing 860 million forints (EUR 2.2m) to expand production and service capacity at its base in Szeged, in southern Hungary, the minister of foreign affairs and trade said on Monday.

The expansion of the Mercedes facilities in Kecskemet, in central Hungary, is progressing according to schedule, the minister of foreign affairs and trade said on Monday.

Foreign Minister Peter Szijjarto on Monday inaugurated an 800 million forint (EUR 2.1m) capacity expansion at car-parts manufacturing plant Autoflex-Knott, and said Hungarian companies were increasing their market shares abroad.