Deputy Foreign Minister László Szabó said at the annual general meeting of the Hungarian Foreign Trade Association that “based on last year’s excellent results, the objectives of the Ministry of Foreign Affairs and Trade remain the expansion of export markets, facilitating the success of Hungarian enterprises on foreign markets and continuing the promotion of foreign investment in Hungary”.

During his opening speech, the Deputy Foreign Minister stressed that although last year had not been free of challenges, Hungary has become one of the most stable political and economic factors within the region. Exports and the foreign trade surplus achieved record levels in 2015, with the latter exceeding 8 billion euros, and the fact that added value in Hungarian exports has increased is also encouraging as it plays an important role in making economic growth sustainable, he continued.

Mr. Szabó said that the Ministry of Foreign Affairs and Trade and the Hungarian Foreign Trade Association both regard the strengthening of Hungarian-owned small and medium-sized enterprises (SMEs) and the facilitation of their direct and indirect exports as their most important task and stressed that the reorganisation of the Ministry in the interests of more effectively representing foreign trade objectives had proven to be a good decision. The Ministry’s background institutions and foreign representations play a significant role in successfully promoting Hungarian SMEs on foreign markets and in attracting new investments to Hungary, and thereby in the creation of thousands of new jobs.

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The Hungarian Investment Promotion Agency (HIPA) successfully negotiated a record number of 67 new investment projects in 2015, leading to the creation of 12,995 new workplaces. Thousands of Hungarian enterprises are appearing successfully on foreign markets with the help of the Hungarian National Trading House, while its Export Academy and start-up programmes provide assistance in the development of further relations and cooperation. Mr. Szabó also highlighted the fact that the ratio of SMEs among the clients of the Hungarian Eximbank now exceeds 80%.

The forthright expansion of trade relations with the east and south also remain in the focus of activities, the Deputy Foreign Minister said, listing among recent Hungarian export achievements the first ever shipment of European beef from Hungary to China and the export of a construction technology and house manufacturing system based on Hungarian innovation to Africa leading to 40 million euros in exports to Botswana and the Republic of South Africa.

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Maintaining economic growth requires the development of knowledge-based sectors that represent high added value, an area in which Hungary has already made significant progress, Mr. Szabó said, citing as examples the automotive industry and the expansion of the business services and info-communications sectors.

(Ministry of Foreign Affairs and Trade)