The Hungarian fashion label Nanushka opened a store in London on Friday. Speaking at the opening, Péter Szijjártó, the minister of foreign affairs and trade, said it was crucial for Hungary to have businesses that can succeed internationally. Building global brands, he said, was one of the pillars of Hungary’s economic policy.
The Hungarian government’s implementation of the biggest economic program in modern Hungarian history has allowed it to mount the most effective response to the coronavirus pandemic out of all European countries, Szijjártó said.
The minister said that though global foreign direct investment last year was down 42 percent, Hungary during this period saw a 140 percent increase in FDI.
And though global trade fell by 9 percent in 2020, the value of Hungarian exports exceeded 100 billion euros, putting the country in 12th place globally in terms of exports as a percentage of GDP, he added.
When it comes to managing crises like the coronavirus pandemic, Hungary always puts national interests first, Szijjártó said, arguing that it was this strategy that gave the country the best chance to avoid mistakes.
“This was Hungary’s compass in the management of the crisis caused by the pandemic, too,” he said. The Hungarian government introduced the biggest-ever economic package designed to encourage investments in the country’s economic history with a view to preventing high unemployment, he added.
“The results are in the numbers,” Szijjártó said, noting that there were now 41,000 more people working in Hungary than before the pandemic.
“Nanushka has also set a good example by increasing its headcount,” he said.
Nanushka co-owner and managing director Péter Baldaszti said the brand’s turnover had grown by a factor of 20 since GB and Partners invested in the company in 2016 and transformed the brand from a local one into a global one.
Nanushka products are available at more than 500 resellers in 50 countries around the world. The brand’s online sales extend to more than 100 countries.
Featured photo via Péter Szijjártó’s Facebook page