Finance Minister Mihaly Varga – Photo: Facebook

Finance Minister discusses strengthening economic ties with Luxembourg counterpart

Hungary has continued to be a key destination for foreign investors, the country having retained its competitive business environment despite the war crisis, Mihaly Varga, the finance minister, said after talks with Gilles Roth, his Luxembourg counterpart, in Budapest on Monday.

The finance ministry quoted Varga as saying that Hungarian exports to Luxembourg had increased nearly five-fold in the past five years and the turnover of bilateral trade had reached a new record last year.

They were in agreement that the growth and innovation gap between the EU and its global competitors should be reduced, Varga said, adding that Roth had assured him of Luxembourg’s support to the upcoming Hungarian EU presidency in the second half of the year.

The Hungarian presidency will give increased focus to the community’s competitiveness issue and demographic challenges, its transition to a green economy, and a sustainable debt repayment schedule, Varga said, adding that Hungary was prepared to draft the EU budget for 2025.

Concerning bilateral economic ties, Varga said Luxembourg’s investments in Hungary had exceeded two billion euros, while Hungarian companies had invested nearly 400 million euros in Luxembourg.

The minister added that the centenary of establishing bilateral diplomatic relations would be celebrated this year.

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