Japanese companies important for Hungarian economy

Japanese companies are an important factor in Hungary’s growing economy, contributing to its Europe-topping first quarter annual growth of 5.3 percent, Foreign Minister Péter Szijjártó said on Thursday.

Speaking ahead of a working lunch with Japanese investors organised by the Hungarian Investment Promotion Agency (HIPA) in Budapest, Szijjártó said that cooperation between Japan and Hungary had always been based on mutual respect. “[Cooperation] has never been as stable and fruitful as it is today,” he said.

Japanese investments in Hungary are worth 2.5 billion US dollars and over 160 Japanese companies employ 34,000 people here, he noted.

Over the past five years, HIPA held successful talks with Japanese firms on 21 occasions and signed agreements resulting in 808 billion dollars-worth of investment and 3,000 new jobs, Szzijjártó said.

He expressed thanks to the heads of Japanese companies investing in Hungary for placing trust in the Hungarian economy and people. He highlighted Osamu Suzuki, chairman and CEO of Suzuki Motor Corporation, who was the first Japanese businessman to set up a factory in Hungary.