Budapest, July 30 (MTI) – The government signed a strategic partnership agreement with engineering company Ganz Holding on Wednesday.
After pharma Richter and transport firm Waberer’s, Ganz is the third Hungarian-owned company included on the list of the government’s strategic partners.
Peter Szijjarto, state secretary for foreign affairs and trade, said that the agreement was a sign of the government’s appreciation of the achievements of Hungary’s engineering sector.
Ganz chief Zoltan Fitos said before the signing ceremony that the partnership would broaden his group’s market opportunities and increase its role both in the national economy and education. He added that Ganz, in return, would help promote the economy.
Szijjarto spoke highly of Ganz’s “outstanding engineering achievements, technical innovation and world patents”. Engineering is crucial for the Hungarian economy and industrial developments; it is also labour intensive, and employs many suppliers, he added. The sector accounts for 11 percent of the total industrial output and 10 percent of Hungary’s machinery exports. Ganz now employs over 500 people, and 70 percent of its suppliers are also Hungarian-owned, Szijjarto said.
Ganz, founded 170 years ago, makes machinery for railway and road transport, energy production, water management, municipal services and environment protection. In 2013, the company’s earnings totalled 13.1 billion forints, 46 percent up from the previous year.
Fitos voiced hope that Ganz, with experience in producing equipment for nuclear power plant operations, would play a significant role in a planned upgrade of Hungary’s Paks station.
The government has so far signed 48 strategic partnership agreements.