HungaryTrends – The week in business and finance

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

Government to continue same economic policy if mandate renewed, says Economy Minister

Hungary’s Fidesz-KDNP government will continue to follow the same economic policy it has over the past eight years if it wins another mandate in general elections on Sunday, Economy Minister Mihály Varga said in an interview published in daily Magyar Idők. “If we get another mandate for four more years, we will follow the same course of economic policy that we have in the past eight years. Stable, transparent fiscal policy, the expansion of state assets, economic growth and the reduction in state debt are the hallmarks of this course,” Varga said.

Tunsgram Group annual revenue set to reach 1 billion USD in ten years

Joerg Bauer, who agreed in February to buy the lighting business of General Electric (GE) in the Middle East, Africa and Turkey, as well as its global automotive lighting business, expects the acquisition to generate annual revenue of 1 billion US dollars in ten years. Speaking at a press conference in Budapest, Bauer said he had just signed a contract with GE on taking over the company’s units in Hungary. The deal was financed with credit from Magyar Eximbank, he said.

Richter announces positive clinical trial results for cariprazine

Hungarian drugmaker Richter and its Irish peer Allergan announced positive topline results in a Phase III clinical trial of cariprazine for treatment of bipolar I depression. Allergan plans to include data from all three trials of cariprazine for the treatment of bipolar I depression in a Supplemental New Drug Application to the US Food and Drug Administration in the second half of 2018.

Zoltek plans HUF 30.8 billion expansion in Hungary

Japan‘s Zoltek plans a 30.8 billion forints (EUR 98.6m) expansion at its carbon fibre plant in Nyergesújfalu, northern Hungary, the foreign minister announced. The state is supporting the investment, which will create 357 jobs, with an 8.1 billion grant, Péter Szijjártó said. Zoltek will add eight production lines at the base, raising annual capacity from 10,000 to 15,000 tonnes, he added.