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German firms to invest HUF 4 billion Hungary

Three major German companies have decided to plough a total of 4 billion forints (EUR 11.1m) into investments in Hungary, Peter Szijjarto, Hungary's minister of foreign affairs and trade, said in Budapest on Monday.

The government will contribute 1.2 billion forints to the investments, helping save 1,770 jobs, Szijjarto told a press conference.

Villeroy and Boch, Mahle and Beurer’s Hungarian ventures export over four fifths of their output, so the investments will also boost Hungary’s export performance, he said.

Szijjarto noted the impact of pandemic-related lockdowns on the Hungarian eoconomy, and said that countries looking to procure vaccines from other sources besides the EU’s centralised distribution system had been “regularly attacked”. “The sooner large shipments of vaccine are available, the quicker can we can inoculate vulnerable people and lift the restrictions hobbling the economy,” he said.

Hungary has also entered the competition to secure advantage in the post-pandemic global economy, Szijjarto said, adding that the government’s investment support scheme had so far helped 1,434 companies investing a total of 1,676 billion forints in the country.

Cooperation between Hungary and Germany had become closer — even in these trying times — Szijjarto said, with German companies maintaining and sometimes boosting their investments in the country, he said.

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