Hungary is an attractive investment spot for British enterprises, Minister of National Development Zsuzsa Németh said at the inauguration of the new British Business Centre in Budapest on Friday. The centre was inaugurated by British Minister of State for Trade and Investment Ian Livingston and Zsuzsa Németh.
Both the winter economic predictions of the European Commission published at the end of February and the data of the last quarter of Hungary make it clear that the Hungarian economy has emerged from the crisis and that the basis for permanent growth has been successfully laid down, the Development Minister pointed out.
The fact that a new business centre has been established in Budapest indicates that it is not only large investors from the UK that are interested in Hungary but the road has now been paved for smaller enterprises as well, Zsuzsa Németh said, adding that Great Britain has become the seventh biggest investor in Hungary by today.
In her welcome speech the Minister expressed hope that the new institution would continue strengthening bilateral trade relations between the United Kingdom and Hungary.
Ian Livingston said the purpose of his visit was to help Great Britain double the value of its trade with the Central-East European region to GBP 30 billion by 2020. Ian Livingston revealed that the export of British services and products to countries in Eastern and Central Europe had doubled in the past 10 years.
There are almost 110 m people living in the region, total GDP is more than one thousand billion British Pounds and the rate of growth in recent years has surpassed growth elsewhere in Europe, he pointed out. The level of state debts, low compared to the average of the Euro-zone, facilitates stability and ensures sustainable growth in the long run.
Ian Livingston explained they wished to make it smooth for British companies to get to Hungary. The goal by 2018 is to double, with the help of the British Business Centre, the number of British companies that are present at the Hungarian market with their products and services from the current 4700 to 9400, he said.
Although bilateral relations between the two countries are good, until today Hungarian and British companies have been like good old friends who have unfortunately had insufficient time to meet, the British Minister of State opined.
The British Business Centre has been set up as an effort by the British Embassy, the United Kingdom Trade and Investment (UKTI) of the British Government and the British Chamber of Commerce in Hungary (BCCH) and is to operate under the management of Olivér Strommer.
Chairman of the British Chamber of Commerce in Hungary Vazul Tóth emphasised at the inauguration ceremony that the chamber welcomed the cooperation with the British Embassy and with UKTI.
(Ministry of National Development)
