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Trade Minister: Japanese Companies 7th Largest Investors in Hungary

MTI-Hungary Today 2019.12.05.

Foreign Minister Péter Szijjártó on Thursday underlined the importance of the continued advancement of ties between Hungary and Japan.

Japanese companies are the seventh largest investors in Hungary, with Japan being the largest investor from Asia, Szijjártó told Hungarian public media in Tokyo.

Japanese firms have brought advanced technologies to Hungary that contribute greatly to the economy’s ongoing dimensional shift which places greater emphasis on the role of R+D and value-added, he said.

Fully 170 Japanese companies operate in Hungary, employing 35,000 people, Szijjártó said, noting that the government has signed strategic partnership agreements with six of them.

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Bilateral trade turnover is at an annual 2.2 billion dollars, he said, adding that there was room for improvement in this area.

He said Japan has agreed to lift its restrictions on Hungarian poultry imports, adding that the two countries were also close to reaching a deal on the resumption of pork exports to the Far Eastern country.

Szijjártó also said Hungary and Japan would sign multiple financial agreements aimed at boosting bilateral economic relations. Hungary’s Eximbank has opened a 1.2 billion dollar credit line to help finance bilateral business cooperation, he added.

As regards education relations, Szijjártó said a Hungarian lectureship will be established at a Japanese university. There are 100 Japanese students studying in Hungary with scholarships and 600 Japanese students enrolled in Hungarian universities, he noted.

In the featured photo: Trade Minister Péter Szijjártó. Photo by Szilárd Koszticsák/MTI