Companies in Hungary are increasingly penetrating foreign markets, making it crucial to prevent global blockades hindering exports, emphasized Minister of Foreign Affairs and Trade Péter Szijjártó in Kecskemét (central Hungary).
At the handover ceremony of Autóflex-Knott Ltd.’s HUF 800M (EUR 2M) investment, aimed at expanding its USA and European market share, Minister Péter Szijjártó highlighted the government’s HUF 400M (EUR 1M) support for machinery acquisition. These investments elevate the economy by upgrading production to a higher technological level, necessitating skilled labor, and adopting greener energy practices.
The Minister noted the current global landscape’s unpredictability, stemming from crises like the COVID-19 pandemic, which reshaped the world economy with factory closures and mass layoffs.
Hungary’s economic policies since 2010, focused on preventing unemployment rather than reverting to an aid-based model, resulting in a stronger post-pandemic workforce.
Szijjártó stressed the importance of external market activities for sustained economic growth, highlighting the role of exports. Despite pandemic-induced export risks, Hungary’s National Export Protection Program supported 43 companies, contributing to record-breaking export performances.
With exports comprising 85% of GDP, Hungary’s economic growth largely relies on foreign markets. He urged against global blockades, which would pose significant obstacles to Hungarian exporters, advocating for interconnections in global politics and economics.
