Hungarian minister Nagy meets German industry representatives

National Economy Minister Márton Nagy met for talks Philipp Haussmann, Deputy Chairman of the German Committee on Eastern European Relations, and Barbara Zollmann, Executive Board Member of the German-Hungarian Chamber of Industry and Commerce (DUIHK), in Budapest on Tuesday, his ministry said.

At the talks, the minister noted that Germany is Hungary’s most important trading partner, accounting for 24 percent of the country’s foreign trade, the ministry said in a statement. German companies employ over 220,000 people in Hungary and represent 18.7 billion euros worth of foreign direct investment out of a total of 100 billion, he said.

The sides reviewed bilateral economic and business relations and cooperation. Nagy said collaboration with German companies remains close and thriving in the vehicle, retail, telecommunication and defence industries, among other sectors. Thanks to the favourable business environment, four-fifths of the German companies present here would choose Hungary again as an investment destination, the minister said.

Regarding Hungarian-German relations, Márton Nagy pointed out that, despite the fruitful ties, there is a false and misguided sentiment in certain circles. He made it clear that it is not true that there are problems in the food industry or retail trade in terms of cooperation, and that the airport buy-back is on schedule in a spirit of partnership. He added that the only sector with a conflict was cement, where the companies concerned had abused their dominant position.