German businesses settling in Hungary have been important players in Hungary in the three decades since the fall of communism. They contributed to the creation of a market economy in Hungary with their investments, the sharing of experience and the requirements they set, Finance Minister Mihály Varga stated at the jubilee celebration of Continental Automotive Hungary Kft. established in 1989.

The Financial Minister highlighted that the performance of the Hungarian economy offers opportunities to German businesses as well; the some six thousand German companies operating here provide jobs for 300,000 Hungarians, and also this year decisions have been made about a number of new major German investments.

With its qualified work force, favourable geographical location and advanced infrastructure, Hungary has become an attractive investment destination in the past thirty years, Mr Varga stressed, mentioning that the economic performance of the past few years and the balanced and enterprise-friendly business environment have further strengthened the trust investors have in our country. He said this is also manifested by German businesses. According to the trends report published by the German-Hungarian Chamber of Industry and Commerce in spring 2019, 82 per cent of businesses said they would implement investments in Hungary repeatedly.

According to the Minister, improving the competitiveness of the European economy is a common interest of the two countries, and therefore the economic development plans of Hungary and Germany point in the same direction: they have set out to support digitisation, and to raise the efficiency and competitiveness of production. This process could be boosted by the fact that, similar to other countries of Central Europe, Hungary’s economic growth rate is well above the EU average, and so in the future the region could increasingly contribute to Europe’s economic performance.

Continental AG is one of the world’s leading technology companies which has invested some EUR 500 million in Hungary in the past ten years. In seven plants, tyre sales outlets, logistics and artificial intelligence development centres, they provide jobs for more than eight thousand people.

(Ministry of Finance)