As has been the case every year since 2014, Hungary is again expecting a large amount of foreign investment this year, Minister of Foreign Affairs and Trade Péter Szijjártó said in Budapest on Thursday, at the announcement of a recent investment by the Canadian CAE Group.
The company, which specializes in developing simulation systems, will create dozens of highly skilled jobs in Budapest and Veszprém. The project will cost around HUF 3.5 billion (EUR 8.6 million) and the contract for the amount of state support is still being finalized, the Hungarian Minister said.
He added that the announced investment is also extremely important because simulation is practically the precursor to the economic application of a discovery. He said that in the first nine months of this year, the value of Hungarian-Canadian trade increased by 28 percent and the volume of Hungarian exports by 30 percent.
Niels Kröning, Vice President of CAE Canada (left) and Minister of Foreign Affairs and Trade Péter Szijjártó arrive for the announcement of the Canadian group’s investment in Budapest.
Szijjártó also spoke about the difficult circumstances arising from the war in Ukraine and the sanctions imposed in response. He stressed that
the government has worked hard to strengthen the economy over the past twelve and a half years, that since 2014 investment records have been broken every year, as they will be again this year, and that last year was the most successful year ever in economic terms, despite the crisis.
“Never before has Hungary received so much investment in a single year as it has this year,” he said. “We do not want the efforts of the past decade to go to waste (…) We want to be a local exception in the European economic recession,” he said.
Szijjártó said that to do this, we need to invest as much as possible, but we also need to compete not only in terms of quantity but also quality. “The technological quality, digital content, and added value of the investments received will also increase.
Hungary is attracting the most modern investments of our time, be it in the electric car industry or in research and development,”
The Minister said that the digital age is a great opportunity for Hungary, as the size or even the raw material wealth of a country is less important. “What really matters is intellectual performance, creativity,) and digital knowledge,” he added.
Featured photo via MTI/Máthé Zoltán, Facebook/CAE