Hungary’s economic success greatly depends on the achievements of the automotive and electronics industries, State Secretary for Foreign Trade and Investment Péter Szijjártó said in Budapest on Monday 3 June.

Should companies in both sectors succeed, Hungarian suppliers, including small and medium-sized enterprises (SMEs), will also fare well, Szijjárto told a forum organized jointly by the American Chamber of Commerce (AmCham) and the Association of the Hungarian Automotive Industry (MGSZ). This is all the more important as the government considers SMEs the heart and soul of the national economy, he said.

Both sectors may play a key role in realising the government's aim to turn Hungary into a European centre of production, the State Secretary told public, emphasizing that the automotive industry employs over 100,000 people. Last year Hungary provided the eleventh best environment for the vehicle industry on a global scale, he said, adding that now the country seeks to join the top ten. According to the State Secretary 80 percent of engines and 90 percent of cars manufactured in Hungary are exported.

Péter Szijjártó also said that the electronics industry employs 110,000 workers in the country. As the sector is especially cost-sensitive, most of its capacities have been transferred to Asia. Hungary should therefore focus on the less cost-sensitive markets, including medical, industrial and transport electronics, he said.

(Prime Minister’s Office)