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Minister for National Economy Says Hungary Fortifies Its Position as an Economic Hub

MTI-Hungary Today 2024.05.22.

“Each collaboration marks another success for the Hungarian economy, as Hungary endeavors to solidify its position as an economic hub, bridging Eastern and Western capital and cutting-edge technology,” emphasized Minister for National Economy Márton Nagy.

The Minister spoke at an occasion marking the signing of a cooperation agreement on education and innovation between the Chinese automotive company NIO Europe and Széchenyi István University.

Márton Nagy underscored that the growth of the electric car and vehicle industry is not coincidental; rather, it reflects Europe’s future trajectory.

He stressed the pivotal role of innovative solutions and international cooperation in the automotive sector.

To expedite the transition to electric cars, the Hungarian government is proposing a comprehensive car purchase incentive scheme, encompassing both new and used vehicles, as part of an EU-wide action plan. Minister Nagy announced that this action plan will be presented to and shared with EU Member States in July.

Highlighting Hungary’s stake in a robust and competitive European car industry, Mr. Nagy underlined the need to enhance performance and accelerate electric car adoption across Europe. He dismissed protectionism and punitive tariffs as counterproductive to cooperation and the principles of the free-market economy.

The Minister emphasized that the wider adoption of electric cars will be further facilitated by battery interchangeability, an area where NIO leads in technology.

He hailed the deepening cooperation between NIO and Széchenyi István University as a significant achievement. Their joint research and development efforts, in collaboration with HUMDA, Hungarian Mobility Development Agency Plc., aim to drive electromobility forward.

Signing of the cooperation agreement on education and innovation between NIO Europe and Széchenyi István University. Photo: MTI / Szigetváry Zsolt

Chinese Ambassador to Hungary, Mr. Gong Tao, highlighted the global challenge of climate change and the automotive industry’s pivotal role in addressing it. He commended China’s strides in green transition and the contribution of Chinese companies, including NIO in Hungary, toward sustainable global economic development.

Hui Zhang, Vice President of NIO Europe, praised Széchenyi István University’s commitment to innovation and readiness for the future, crediting Hungary’s innovation ethos for fostering such partnerships.

Balázs Weingartner, Chairman of the Board of Directors of HUMDA, lauded the government’s efforts in promoting green mobility. He expressed confidence that the collaboration could offer comprehensive solutions across various domains.

Domestic Car Manufacturers More Competitive than Western European Rivals
Domestic Car Manufacturers More Competitive than Western European Rivals

The number of cars produced in Hungary will exceed one million a year within a few years.Continue reading

Via MTI; Featured Image: Hungary Today

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