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Starting on August 1, 2024, the Ministry for National Economy (NGM) will assume ownership of N7 Holding Zrt., marking a strategic shift to better integrate Hungary’s defense industry into the national economy.
This realignment is part of the government’s broader national economic strategy, aiming to enhance the defense sector’s contribution to national sovereignty and economic stability. The NGM’s primary objective is to ensure that the companies under N7 Holding Zrt. can effectively meet the future development and military supply needs of the Hungarian Defense Forces, while also positioning themselves in international markets.
The initiative reflects the importance of a competitive national defense industry in safeguarding sovereignty amidst current security challenges.
By advancing the industry’s performance, Hungary seeks to significantly contribute to its economic growth target of 4% for the upcoming year. The integration of defense manufacturing is expected to play a key role in achieving this goal and strengthening the nation’s economic resilience.
To drive this transformation, Ferenc Antal has been appointed CEO of N7 Holding Zrt. With a background in economics, law, and international consulting, including his role at Deloitte in Switzerland, Mr. Antal is tasked with developing and implementing governance principles that align with the NGM’s strategic vision. His leadership will be crucial in steering the company towards meeting these strategic objectives and ensuring the long-term sustainability of Hungary’s defense industry.
Via MTI; Featured Image: Hungary Today