The German company is significantly raising the technological standard of the Hungarian economy, according to the foreign minister.Continue reading
High-tech has a large share in the structure of the Hungarian economy, said Minister of Economic Development Márton Nagy, at the inauguration of the Bosch Rexroth Innovation Experience Center (Bosch CU.BE – Customer Benefits) in Budapest on Wednesday.
He explained that according to a study by the International Monetary Fund (IMF), high-tech accounts for 70 percent of the Hungarian economy, putting Hungary ahead of almost all developed countries. He added that
Hungary has the 14th most complex exports in the world, and the share of high-tech in manufacturing exports is particularly high.
The Minister underlined that the Hungarian economy’s achievements in technology and knowledge transfer are remarkable, and indicated that the global innovation index ranks Hungary 7th in terms of the use of knowledge in the local economy.
Minister of Economic Development Márton Nagy. Photo: MTI/Kovács Tamás
He pointed out that foreign investment in Hungary peaked in 2022, and foreign capital inflows could reach HUF 4,000 billion (EUR 10.7 billion) in 2023, adding that according to the Savills Nearshoring Index, Hungary was the second most attractive investment destination in the European Union in 2020.
Márton Nagy reinforced the fact that
the Bosch Group is a key strategic partner of Hungary, and their presence also enables Hungary to become a development hub.
Bosch is a good example of how a family business can become a competitive international corporation, he emphasized.
L-R: István Szászi, Head of the Bosch Group Hungary and Adriatic Region, Márton Nagy, Minister of Economic Development and István Ács, Managing Director of Bosch Rexroth Kft. Photo: MTI/Kovács Tamás
Thomas Ilkow, Head of Bosch Rexroth’s Eastern Europe and Middle East Sales Region, stressed the importance of innovation at the opening ceremony and pointed out that the experience center in Budapest helps to foster creativity, cooperation, and networking.
István Ács, Managing Director of Bosch Rexroth Kft., said that the Innovation Experience Center is an open space where all industry players are invited to think and exchange ideas on the future of industrial technology. CU.BE will showcase the achievements of industrial digitalization, making the operation of modern manufacturing and the direction of development tangible.
Featured photo via Facebook/Bosch Magyarország