“Microchip developer ARM Hungary Ltd. will be expanding its development centre in Budapest; the company will be able to hire an additional 60 development engineers thanks to the 3-billion-forint (EUR 8.54 million) investment”, Minister of Foreign Affairs and Trade Péter Szijjártó said at a press conference in Budapest on Wednesday.

Mr. Szijjártó added that the Hungarian state is providing 757 million forints (EUR 2.15 million) in non-returnable cash funding towards the investment project. The ARM Group possesses 85 percent of the global smart phone microchip market. The company operates a development centre in Budapest, where it develops microchips used in medical diagnostic equipment, cars and mobile phones. The company has now decided to further expand its development centre.

“It is investments like these that are laying the foundations for the continuous improvement of Hungary’s competitiveness, and it is with the help of these investment projects that the Hungarian economy is able to turn the economic crisis to its own advantage and become one of the winners of the new global economy era”, Mr. Szijjártó said.

The Minister said that prior to the coronavirus pandemic the Hungarian economy was in a period of dimensional transition: “We were moving nicely from a production-orientated economy towards a knowledge-orientated economic structure”. “And the global pandemic has shown how important the dimensional transition, as well as digital solutions, smart devices and internet-based processes, are within the new global economic system”, he stated. According to Mr. Szijjártó, one of the important lessons that can be learned from the pandemic is that in the upcoming period only those countries can be successful that place major emphasis on developing instruments that also enable the functioning of the economy amid the new circumstances.

(Ministry of Foreign Affairs and Trade / MTI)