The work of Hungarian people is competitive by global standards. Thanks to their knowledge and qualifications, products and services made and provided in Hungary are sought-after everywhere, the Minister of Foreign Affairs and Trade stated at a press conference held on Thursday in Budapest.

Péter Szijjártó said between January and June, agreements were reached about the implementation of 43 major investments coming to Hungary from abroad, and their total value amounting to more than HUF 731 billion is 11 per cent up from last year’s corresponding period.

Last year, 98 investments to the value of HUF 1,350 billion were brought to Hungary, while in 2009 only a quarter of that, he added.

By virtue of the investments implemented this year, on a year-to-year basis, 9 per cent more jobs, almost 7,300 jobs have been created. In 2017 on average workers in the new jobs made HUF 304,000 before tax, HUF 420,000 in 2018, while this year HUF 505,000.

According to the Minister’s information, this year for the first time the highest number of investments did not come from Germany but from South Korea. Mr Szijjártó said the reason for the Far East investor’s weight should be sought in the rise in the number of electric vehicles.

The value of exports and the amount of investments have been steadily on the increase for 5 years, breaking records year after year, and Hungary has elevated itself from a mere production centre to a knowledge-based economy that concentrates on research and development, the Minister said summarising the data.

Thanks to the ever-increasing exports, Hungary’s export performance has elevated it to the 34th place in global rankings, despite the fact that based on its population the country is ranked much lower, 92nd, he said.

In answer to a question, Mr Szijjártó said Hungary’s economic policy can be based on the work of the Hungarian people, but under the present circumstances the country can reckon with 5 million workers at most. Therefore, from 1 October, job creation will be removed from the conditions of investment grants. At the same time, the amount of the training grant will increase from EUR 3,000 to EUR 4,000, the range of grants available for learning workshops will be extended, and the minimum value of the investments of small businesses eligible for tax benefits will gradually decrease to HUF 50 million, the Minister said.

The work of Hungarian people is competitive by global standards. Thanks to their knowledge and qualifications, products and services made and provided in Hungary are sought-after everywhere, the Minister of Foreign Affairs and Trade stated at a press conference held on Thursday in Budapest.

Péter Szijjártó said between January and June, agreements were reached about the implementation of 43 major investments coming to Hungary from abroad, and their total value amounting to more than HUF 731 billion is 11 per cent up from last year’s corresponding period.

Last year, 98 investments to the value of HUF 1,350 billion were brought to Hungary, while in 2009 only a quarter of that, he added.

By virtue of the investments implemented this year, on a year-to-year basis, 9 per cent more jobs, almost 7,300 jobs have been created. In 2017 on average workers in the new jobs made HUF 304,000 before tax, HUF 420,000 in 2018, while this year HUF 505,000.

According to the Minister’s information, this year for the first time the highest number of investments did not come from Germany but from South Korea. Mr Szijjártó said the reason for the Far East investor’s weight should be sought in the rise in the number of electric vehicles.

The value of exports and the amount of investments have been steadily on the increase for 5 years, breaking records year after year, and Hungary has elevated itself from a mere production centre to a knowledge-based economy that concentrates on research and development, the Minister said summarising the data.

Thanks to the ever-increasing exports, Hungary’s export performance has elevated it to the 34th place in global rankings, despite the fact that based on its population the country is ranked much lower, 92nd, he said.

In answer to a question, Mr Szijjártó said Hungary’s economic policy can be based on the work of the Hungarian people, but under the present circumstances the country can reckon with 5 million workers at most. Therefore, from 1 October, job creation will be removed from the conditions of investment grants. At the same time, the amount of the training grant will increase from EUR 3,000 to EUR 4,000, the range of grants available for learning workshops will be extended, and the minimum value of the investments of small businesses eligible for tax benefits will gradually decrease to HUF 50 million, the Minister said.

(Ministry of Foreign Affairs and Trade/MTI)