Former minister left Hungarian arms industry giant N7

The national economy ministry will exercise the state’s ownership rights in N7 Holding National Defence Industry Innovation Company from August 1, the ministry said on Thursday.

The ownership rights were earlier exercised by the defence ministry. The change is in line with the government strategy to achieve a more organic integration of the defence industry and related R+D activities into the national economy, the ministry said in a statement.

The ministry said one of the main goals was to ensure that defence industry companies, in cooperation with strategic partners, are able to meet the future development needs of the Hungarian Armed Forces and enter the international market, thereby guaranteeing the industry’s long-term future.

It said the development of a competitive defence industry was a matter of sovereignty and a priority strategic goal. The ministry also noted the defence industry’s growing contribution to Hungary’s economic growth.

László Palkovics (c) Photo: facebook.com/tim.gov.hu

Ferenc Antal, an economist and lawyer who was earlier manager at Deloitte Switzerland’s advisory practice, has been appointed CEO of N7 as of August 1. His task will be to develop and implement the corporate governance principles that ensure successful operation along the lines of Hungary’s defence industry strategy, the ministry said. The former CEO was László Palkovics, Hungary’s innovation and technology minister, who left with mutual agreement.

Read also:

• Hungarian Defence Minister: Hungary to become self-sufficient in production of 30mm shells – read more HERE
• Hungarian military plane disappeared in Africa!