News News from Hungary FM: Glob­al com­pa­nies are putting their trust in Hungary

FM: Glob­al com­pa­nies are putting their trust in Hungary

Péter Szi­jjártó said, at the offi­cial open­ing of the Con­ti­nen­tal test track in Veszprém, in west­ern Hun­gary, that it will be the largest vehi­cle dynam­ics test track in cen­tral Europe.

The for­eign min­is­ter has said that glob­al com­pa­nies using cut­ting-edge tech­nol­o­gy are putting their trust in Hun­gary, its invest­ment envi­ron­ment and the Hun­gar­i­an people.

Péter Szi­jjártó said, at the offi­cial open­ing of the Con­ti­nen­tal test track in Veszprém, in west­ern Hun­gary, that it will be the largest vehi­cle dynam­ics test track in cen­tral Europe. The gov­ern­ment has con­tributed HUF 1.46 bil­lion (EUR 4m) to the HUF 9.7 bil­lion invest­ment project, which will cre­ate 130 new jobs.

Accord­ing to MTI, the project will boost Continental’s inter­na­tion­al com­pet­i­tive­ness and Hungary’s posi­tion as a focus coun­try. The test track project is all the more impor­tant because a “sharp com­pe­ti­tion with much at stake” has start­ed glob­al­ly for the redis­tri­b­u­tion of capac­i­ties in the after­math of the nov­el coro­n­avirus pan­dem­ic, the min­is­ter said.

Min­is­ter Szi­jjártó said the car indus­try had always been a flag­ship of the Hun­gar­i­an econ­o­my. At present it accounts for 30 per­cent of the country’s indus­tri­al out­put. Its pro­duc­tion val­ue grew by a record-high 12 per­cent to HUF 9,500 bil­lion in 2019, and in the first sev­en months of this year 90 per­cent of its out­put was export­ed. He said the pan­dem­ic has not decreased Hungary’s com­pet­i­tive­ness on the glob­al market.

Ger­man com­pa­nies have always played an impor­tant role in the Hun­gar­i­an econ­o­my and Con­ti­nen­tal pro­vides 8,000 fam­i­lies’ liveli­hood, the min­is­ter said. A quar­ter of for­eign invest­ment in Hun­gary orig­i­nates in Ger­many, with 6,000 com­pa­nies offer­ing jobs to 300,000 Hun­gar­i­ans, he added. The gov­ern­ment is nego­ti­at­ing with 24 Ger­man com­pa­nies about fur­ther invest­ment projects, he said.

Pho­to cred­it: Mag­yar Hírlap

Source: abouthun​gary​.hu