Minister briefs German business execs on Hungary crisis-management measures

László Palkovics, the minister of innovation and technology, on Monday addressed a press event with a presentation to German business executives on the Hungarian government’s crisis-management measures, the ministry said in a statement.

The government’s measures will allow Hungary and Germany to boost their cooperation in the fields of R+D and the defence industry, in addition to the areas where cooperation is already strong, like the automobile, electronic and machinery sectors, Palkovics told the event.

The reopening of Hungary’s economy ties into the government’s investments into green energy, its support of eco-friendly transport, the transition to a circular economy and digitalisation, he said.

Both Hungary and Germany saw their economies contract by about 5 percent last year due to the crisis caused by the pandemic,

Palkovics noted. However, Hungary’s first quarter GDP growth rate of 1.9 percent significantly exceeds the European Union average, he said. The economy is projected to expand by 12-14 percent in the second quarter, the minister said, adding that the government expects full-year GDP growth to exceed 4 percent.

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Palkovics said Hungary having one of the lowest unemployment rates was a testament to the labour-based economic model’s resilience to crises.

The event organised by the Hungarian embassy in Berlin and the German Eastern Business Association was attended by representatives of carmaker Audi, construction company Bauer, energy company E.On and the German-Hungarian Chamber of Commerce and Trade.

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Source: MTI