Hungary defence industry set to be among region’s best by 2030

Photo: MTI

The Hungarian government aims to make the country’s defence industry one of the best in the region by 2030, the minister for technology and industry told an international conference in Budapest on Wednesday.

Hungary aims to become a key defence industry hub in central Europe in terms of manufacturing and research and development, László Palkovics told the Global Special Operations Forces (GSOF) Symposium Europe conference.

The government’s goal is for the size of the defence industry to reach 500 billion forints (EUR 1.2bn) by 2030, Palkovics said. The industry must also become self-sufficient so that it is capable of supplying the military, he added. It should also be successful abroad by joining international supply chains with competitive products, he said.

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The minister highlighted the Zrínyi 2026 defence development scheme as the start of the rebuild of the country’s defence industry.

Hungary currently spends 1.2 percent of its GDP on defence compared with the global ratio of over 2 percent, Palkovics said.

High-tech fields make up 70 percent of Hungary’s industry, he said, adding that the country’s geographical location was also favourable from a logistical standpoint.