Last year was the most successful the Hungarian economy has seen since the fall of communism, Foreign Minister Péter Szijjártó said in Debrecen, eastern Hungary, welcoming the progress of the BMW plant under construction in the city.
Last year, the economy expanded by over 7 percent while investments, employment and exports hit record highs, he said on Friday.
The year 2022 is expected to bring further success, with many constructions works on the agenda. BMW’s new plant, a 360-billion-forint (€ 1 billion) investment, is slated to start construction works this year, he said.
The plant, which will create 1,000 new jobs, will start manufacturing a new fully electric model in 2025, he said.
The new plant will make Hungary the third country in the world, besides Germany and China, to house plants from all three top German car makers and will boost Hungary’s global leading position in the transition to electric car manufacturing, he said.
“Thanks to the patriotic economic policy of the past 12 years, and to its symbiosis with German premium car manufacturers, Hungary’s economy has become one of the most dynamic in the European Union,” Szijjártó said.
Hungary’s competitive investment environment is based on political stability, an excellent work force and the lowest payroll taxes in Europe, he said.
German-Hungarian trade volume also hit a record 60 billion euros last year, he said.
Should the ruling Fidesz-Christian Democrat (KDNP) alliance retain power at the April 3 election, “we will carry on with an economic policy based on tax cuts and the investment and job support,” he said.