Bavarian companies are about to invest some 45 billion forints (EUR 138.1m) in Hungary, Foreign Minister Péter Szijjártó said, after talks with company heads in Munich, Germany, on Wednesday.
Szijjártó met representatives of gas giant Linde and automotive industry supplier Schaeffler. He held talks with Hubert Aiwanger, the German region’s deputy prime minister and regional minister of economic affairs, regional development and energy.
Szijjártó is also scheduled to meet Siemens leaders as well as BMW board member Oliver Zipse.
“Bavarian companies trust Hungary as the country has the lowest taxes in Europe, a well-trained work force and quality higher education,” Szijjártó told MTI by phone.
The success of the Hungarian and Bavarian economies are interconnected, Szijjarto said. Hungary has a vested interest in the success of Bavarian companies so that they continue to invest in the country, he added.
The companies in question plan to develop and implement innovative technologies in Hungary, he said.
“Bavarian companies see Hungary as a place of political stability, safe legal environment and good investment opportunities,” Szijjártó said.
Szijjártó noted that trade between Hungary and Bavaria reached 14 billion euros last year. Fully 35 percent of Hungarian exports to Germany flows into that state, he said. Currently, 150 Bavarian companies have facilities in Hungary. They have invested some 8 billion euros and employ 50,000 people, he said.