“Hungarian-owned Magnus Aircraft Cls. is building an aeroplane manufacturing plant in Pécs; the Hungarian Government is contributing 2 billion forints in non-returnable funding towards the 5.16 billion forint (EUR 17 million) project”, Minister of Foreign Affairs and Trade Péter Szijjártó announced at a press conference in Budapest on Thursday.

“The investment is creating an opportunity for the serial production of an outstanding Hungarian innovation, and the company will be creating at least 105 new workplaces”, he highlighted.

“Aeroplane manufacturer Magnus Aircraft was the first in the world to develop a two-seater aircraft made of composite materials that is suitable for aerobatics, in addition to which it has also developed an aeroplane that operates using petrol instead of kerosene, and which is also made of composite materials, meaning it is much lighter, has a lower environmental impact and is cheaper to maintain that other aircraft”, Mr. Szijjártó informed the press. The Minister said one of the Government’s most important tasks was to keep innovative Hungarian solutions at home and make sure their serial production also occurs in Hungary.

“The Government is working continuously to provide a favourable investment environment; Hungary offers the lowest rate of personal income tax in the European Union, as well as the lowest, flat rate of corporation tax”, the Minister pointed out.

“During the first quarter of this year the volume of national economy investments increased by 34 percent year-on-year. During the first six months of the year the Hungarian Investment Promotion Agency (HIPA) successfully brokered 47 new investment projects, the highest ever figure for a six-month period”, he said.

According to Mr. Szijjártó, Hungarian economy policy must now meet an important new challenge. “Until now, the number of workplaces was our top priority, but 4.3 million people are now paying taxes in Hungary compared to only 1.8 million in 2010, and accordingly we must also set new targets with relation to job creation. The new goal is to ensure the creation of as many innovative workplaces that represent high added value and are built on research and development”, he said.

The Minister also mentioned that Magnus Aircraft’s products will have a major market in China during the upcoming period in view of the fact that changes in Chinese law mean there is increasing demand for light aircraft and the related pilot training courses.

CEO of Magnus Aircraft Cls. László Boros told reporters: “The realisation of the project will begin in September next to Pécs-Pogány Airport with the creation of an over 7500 square metre new production site”.

“Magnus Aircraft has incorporated its own company in the United States, and has established a joint venture in China”, he said. The CEO also stressed that the company’s innovative activities would continue, and thanks to new developments on the part of Siemens the aircraft’s electric version would also soon appear on the market.

The region’s Member of Parliament Péter Csizi (Fidesz) highlighted: “A new era is also beginning in the economic life of Pécs; a more successful era that enables a more balanced development and in which quality and added value count instead of quantity”.

(MTI)