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Trade Minister: Economic Cooperation Strengthening Hungary-Romania Relations

MTI-Hungary Today 2021.04.09.

Economic cooperation has strengthened relations between Hungary and Romania “by way of several joint success stories”, Minister of Foreign Affairs and Trade Péter Szijjártó said on Friday.

After meeting Romanian Minister of Economy, Entrepreneurship and Tourism Claudiu Nasui, Szijjártó said ties between the two countries were determined by close inter-dependence.

Romania is Hungary’s fourth most important export market and the sixth most important target country for Hungarian capital, he said.

As regards Hungarian investments, Szijjártó noted that Hungarian oil and gas company MOL will build 14 fuel stations and install 40 electric car charging stations along Romania’s motorway network.

Foreign Minister: Success Builds Trust in Hungary-Romania Ties
Foreign Minister: Success Builds Trust in Hungary-Romania Ties

Success based on a recognition of mutual interests is building trust between Hungary and Romania, boosting hopes of success in sensitive issues regarding ethnic minorities, Foreign Minister Péter Szijjártó said in Bucharest on Thursday, after meeting several members of the Romanian cabinet. Szijjártó told Hungary’s public media that the two nations were “bound by a […]Continue reading

OTP bank, meanwhile, will increase its capital investment by 50 million euros and open its 97th office, he said. Energy company MVM has launched retail services and drugmaker Richter will expand its plant in Targu Mures (Marosvásárhely) with a Hungarian government grant, Szijjártó said, adding that Hungarian companies had won 22 billion forints (EUR 61m) to match their investments in Romania worth 45 billion forints.

The sides signed an intergovernmental agreement on the building of a fast road link between Mátészalka and Satu Mare (Szatmárnémeti) scheduled to open in 2024.

Szijjártó announced that two of the ten temporary crossing stations, at Elek and at Dombegyház, will operate around the clock.

Also, a tender for delivering gas extracted from the Black Sea shelf to Hungary has been concluded, he said.

At the event the two countries’ respective chambers of industry and commerce also signed an agreement on setting up a joint Romanian-Hungarian mixed chamber.

The Romanian minister told the press conference that the agreements will ensure expanding economic ties, and he applauded the prospective Hungarian investments. He said the coronavirus pandemic had shown the benefits of the shortest possible supply chains and exposed the importance of strengthening direct cooperation between neighbouring countries.

Szijjártó opens Hungary-Romania business forum

Hungary sees Romania as one of its most important business partners, and has a vested interest in strengthening mutual cooperation, Péter Szijjártó said after his meeting with Nasui at the opening of a Hungarian-Romanian business forum in Budapest.

At the forum attended by 80 Hungarian and 66 Romanian companies, Szijjártó said Hungarian economic policy was based on low taxes, with the lowest corporate taxes in Europe, and a competitive PIT.

RMDSZ Leader: Hungary-Romania ties 'Full of Untapped Potential'
RMDSZ Leader: Hungary-Romania ties 'Full of Untapped Potential'

Bilateral ties between Hungary and Romania are “full of untapped potential” that could include cross-border interregional cooperation, economic and energy cooperation as well as cooperation with the central European Visegrad Group, Hunor Kelemen, the head of Romania’s ethnic Hungarian RMDSZ party, told the Friday edition of the daily Magyar Nemzet. Romania’s government should recognize that […]Continue reading

Meanwhile, the Hungarian government’s crisis management efforts focus on boosting investments rather than handing out money to those in need, he said. This has led to Hungary avoiding mass unemployment rather than having to handle it, he said.

Government grants have supported 1,434 companies in Hungary last year, which have pledged to preserve some 270,000 jobs and investments worth a total of 1,676 billion forints, he said. Four Romanian companies have also received 2.7 million euros in Hungarian government grants, he said.

The government also supports Romanian companies in capital allocation, and the Hungarian Eximbank has opened a 440 million euro credit line to support cooperation between Hungarian and Romanian companies, Szijjártó said. Meanwhile, Hungarian companies see Romania as one of the most promising fields of investment, he added.

In the featured photo: Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó with Romanian Minister of Economy, Entrepreneurship and Tourism Claudiu Nasui. Photo by Zsolt Szigetváry/MTI