HungaryTrends – The best business and finance news from Hungary

See below the main business and financial news from the previous week:

CENTRAL AND EASTERN EUROPE’S LARGEST STARTUP CENTRE OPENS IN BUDAPEST – PHOTOS 

Central and eastern Europe’s largest startup centre was opened in Budapest’s Millenáris Park as the first project in a 5 billion forint (EUR 15.3) programme, on Monday. Read more HERE. 

HUNGARIAN-UGANDAN ECONOMIC TIES STRENGTHENED OVER DINNER 

A successful work dinner has recently been organised by the Budapest Chamber of Commerce and Industry (BCCI), the Ministry of Foreign Affairs and Trade, and the Hungarian Chamber of Commerce and Industry’s (HCCI) Committee for African Relations. Read more HERE. 

AGREEMENT REACHED ON RUSSIAN GAS DELIVERIES TO HUNGARY FOR 2019, 2020

Hungary reached an agreement on gas deliveries from Russia for both 2019 and 2020, Prime Minister Viktor Orbán said at a joint press conference with Russian President Vladimir Putin in Moscow. Orban said he had asked Putin to seriously weigh putting the path of a gas pipeline which would connect the Turkish Stream pipeline with Central Europe through Hungary. Read more HERE. 

AUDI TO MAKE ELECTRIC CARS IN HUNGARY

An executive of Germany’s Audi said the carmaker will start making electric vehicles at its base in Győr, northwestern Hungary. The announcement was made at a celebration of the company’s 25th year in Hungary. Audi already makes electric motors at the plant. Read more HERE.

BMW, GOVERNMENT REACH AGREEMENT ON INVESTMENT GRANT FOR EUR 1BN PLANT

An agreement was reached with executives of BMW on government support for a 1 billion euro plant the German carmaker will build in Debrecen, eastern Hungary, Foreign Minister Péter Szijjártó said after talks in Munich. BMW announced late in July that it would build the plant in Debrecen. The plant will have capacity to turn out 150,000 conventional and electric vehicles a year and will employ more than 1,000 people when production starts.

OTP CEO PUTS 2018 PROFIT CLOSE TO EUR 1 BN

OTP Bank expects profit to reach or come very close to 1 billion euros this year, chairman-CEO Sándor Csányi said. He said due diligence on a number of potential targets in neighbouring countries is under way. Among them are ones that could make OTP market leader in the local market, he added.

MAM HUNGARIA INAUGURATES HUF 2.5 BN EXPANSION IN HUNGARY

Austrian-owned baby products manufacturer MAM Hungaria inaugurated a 2.5 billion forints expansion at its base in Vaskeresztes, western Hungary. MAM Hungarian built a 2,000 sqm plant at the base, doubling production area and boosting capacity. A 4,000 sqm warehouse and 1,400 sqm of office space and changing rooms were also built.

SKANSKA BUILDING EUR 29 M OFFICE IN BUDAPEST

Swedish construction company and developer Skanska said it will build a 29 million euro office building in Budapest. The six-storey building, with about 14,000 sqm of leasable area, is the third and final phase of Skanska’s Nordic Light office complex, located on the Váci út office corridor in the north of the capital.

AGREEMENT REACHED ON FINANCING OF HUNGARIAN ACADEMY OF SCIENCES

The Hungarian Academy of Sciences said it reached an agreement with the Innovation and Technology Ministry (ITM) on its financing. In the summer, lawmakers moved state funding for R+D activities of the Academy from its own independent budget chapter to the budget chapter of the ITM, sparking a debate over how the Academy’s research strategy might be affected. Read more HERE. 

Featured image: MTI

Source: MTI