Minister: new investments key to avoiding recession

Hungary’s economy can avoid a “European recession” only by attracting more foreign investments, Péter Szijjártó, the foreign minister, said on Thursday at a ceremony inaugurating Thyssenkrupp’s factory in Jászfényszaru, east of Budapest.

The state is providing 4.7 billion forints (EUR 11.5m) in support for the 15 billion forint investment, which is expected to create 110 jobs at the plant turning out steering systems.

Attracting as many investments as possible to the country would be the best way of staving off a downturn, he said, adding that this year’s investment record has already outperformed the whole of last year’s. “The record number of cutting-edge automotive investments in Hungary guarantees the Hungarian economy’s ability to carry on growing despite the European recession,” he said.

Read also: Chinese-owned Halms Hungary to build EUR 40 m EV parts plant in Hungary

The country’s automotive industry is set to break another record this year, projected to reach 10,000 billion forints, he said.

Szijjártó hailed Hungary-Germany economic ties, noting that last year’s bilateral trade turnover was around 60 billion euros and more than 30 billion euros in the first half of this year.