German enterprises have so far invested some EUR 21bn in Hungary, and that places Germany at the very top among foreign investors in Hungary, Minister for National Economy Mihály Varga said an event held to commemorate the 20th anniversary of the establishment of the German-Hungarian Chamber of Industry and Commerce in Budapest. He added that Hungarian exports to Germany had also passed the EUR 20bn mark for the first time.

The Minister for National Economy stressed that Germany has traditionally been Hungary's most significant economic and trade partner, and therefore the Hungarian Government places special emphasis on relations with Germany. The Government of Hungary highly appreciates the achievements of Germany’s economy, the country’s position in the world economy and the positive effect which German investments exert on the Hungarian economy.

Mihály Varga also said that in 2013 Hungarian economic policy is turning its focus on fostering economic growth, and the further reinforcement of German-Hungarian economic relations, stimulating exports and employment as well as increased stability will play a central role in achieving this goal. The Government of Hungary will continue to regard Germany and German enterprises as special partners in future.

As the Minister said, the new Hungarian economic model is closely linked to that of Germany; one pillar of Hungarian-German relations has been the solid presence of the German modern vehicle manufacturing industry in Hungary and the positive effect of German enterprises on the modernisation of the Hungarian economy.

The Government of Hungary considers modern industrial production to be of long-term strategic importance, which German-Hungarian cooperation can efficiently stimulate. He also said that Germany’s share of Hungarian external trade is now about 25 percent, and as far as direct capital investments in Hungary are concerned, this figure is almost 30 percent.

Mihály Varga emphasized that the year 2012 was an outstanding one from the aspect of German investment projects implemented in Hungary: at the end of March last year, the Kecskemét plant of Mercedes was opened with the participation of Prime Minister Viktor Orbán. The largest recently completed projects that followed were: in September the new engine factory of Opel in Szentgotthárd, the press machinery of LuK Savaria – manufacturer of clutches and flywheels – in Szombathely as well as the extension of the Esztergom production facility of light vehicle maker Kirchoff Hungary.

The Minister also highlighted the Bosch Group, which won the Investor of the Year award at the beginning of 2012 in the R&D category. Mihály Varga stressed that the Hungarian Government welcomes with respect those foreign investors who do not come to Hungary to make quick profits, but who have long-term plans and regard Hungarian companies as partners. “Our interests and objectives regarding the activities of German investors essentially match the goals laid down in Strategic Partnership Agreements”.

(Ministry for National Economy)