development

Great news: Gyula Castle Baths starts major upgrade

Gyula Castle Baths

The Gyula Castle Baths (SE Hungary) has started a series of upgrades for over HUF 1bn, director Miklós Kun said on Monday.

Gyula Castle Baths’ upgrade

Kun said this is the third phase of an overall development programme that is funded by a HUF 3.2bn grant from the Hungarian Tourism Agency that covers 90pc of the costs. During the current development, a building built in 1833 will be renovated, the mud and hydrotherapy department and the weight baths will be reconstructed and flooring tiles will be renewed.

The baths are providing HUF 320m of its own funds for the upgrade and construction work will be done by local company Futizo, he added. Kun noted that they originally planned to create a new wellness area, a so-called thermal palace, in this phase of the development programme, but due to significant price increases this no longer fits in the budget. They calculate the thermal palace would cost HUF 7bn at current prices.

The Gyula Castle Baths had 598,000 visitors last year, compared to the pre-covid annual average of 620,000-630,000 visitors. Public records show the baths had HUF 2.1bn revenue in 2023 and Kun said revenue in 2024 was above HUF 2.3bn.

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Grand renovation of Hungary’s Parliament in the works: A decade-long vision for modernisation

Budapest Parliament

The Hungarian Parliament, one of the country’s most iconic buildings, is set to undergo a comprehensive renovation. Tamás Wachsler, head of the Steindl Imre Programme, outlined the project’s details in an interview with InfoRádió, highlighting the extensive preparatory phase and long-term goals of modernisation. The entire process could take up to ten years to complete.

Preparatory work begins

The initial two-year phase will involve detailed surveys and structural assessments to evaluate the current state of the Parliament building, Wachsler told InfoRádió. This includes creating an inventory of architectural elements and scientific documentation of the building’s construction history. Specialists will also produce models of decorative features to determine their suitability for restoration. At the end of this phase, a design tender will be announced, providing clarity on technical specifications and potential costs. Final decisions on these matters will rest with the government before the actual planning stage begins, estimated to take another two years.

Modernisation and energy efficiency

A key objective of the renovation is to modernise the Parliament’s outdated infrastructure. The heating system, operational for over 120 years, will be replaced alongside the entire water and pipe network. Cooling systems, currently limited to localised solutions, will also be integrated. “Comprehensive mechanical modernisation is essential,” emphasised Wachsler, citing energy efficiency as a priority. The renovations aim to restore the original spatial structure of the Parliament while addressing safety concerns, such as conducting all security checks outside the building.

New home for Munkácsy’s masterpiece

One notable aspect of the project is the relocation of Mihály Munkácsy’s monumental painting, The Conquest (A honfoglalás). Currently displayed at the Museum of Fine Arts, the artwork will not return to its original Parliament setting due to limited public access. Instead, it will be showcased in a specially designed gallery in the Ministry of Agriculture’s building, ensuring optimal lighting and climate conditions for preservation.

A decade-long commitment

The Parliament’s reconstruction will require multiple government decisions at key milestones, including budgeting and contractor selection. Once these are finalised, lawmakers will temporarily relocate to the Ministry of Agriculture during the estimated four-year construction phase. While the full scope and timeline of the project remain subject to further planning and approvals, the initiative promises a modernised and more accessible Parliament, preserving its historic significance for future generations.

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Featured image: depositphotos.com

New motorway to be built in southern Hungary

Motorway vignette Hungary

The project, cancelled two years ago, could now be realised. 37 kilometres of road is to be built.

According to instructions published in the Official Gazette of the Ministry of Construction and Transport (OMT), a public tender will soon be launched to design the M60 section between Pécs and Szigetvár, the Baranya county news portal reports.

According to the official justification, the preparations for the construction of the expressway between Pécs and Szigetvár were suspended in 2023 based on a government decision on the budgetary measures necessary to protect the reduction of the electricity bill and to meet defence objectives during the war in Hungary’s neighbourhood.

The construction permit for the 37-kilometre-long section of the road, which was planned to have two lanes with paved embankments on both sides and a central dividing lane with a speed limit of 110 kilometres per hour, was already available. Still, the next step, the preparation of the design, was not completed.

Following a decision recently published in the Official Journal, a conditional procedure for preparing the design will be launched by 31 March at the latest, details HERE.

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Vodafone is gone! Acquirer One Hungary opens flagship store in Budapest

One Hungary Magyarország 4ig


One Magyarország opened its first flagship brand store in Budapest on Monday.

As we wrote earlier, listed ICT company 4iG rebranded the commercial telecommunications services of its units Vodafone Magyarorszag, DIGI, Antenna Hungaria and Invitech under the One aegis from January 1. One tariffs have not changed although some packages have been renamed.

“Our aim is to be the first choice among Hungarian telecom operators for residential and business subscribers, in line with the One brand,” said the CEO.

Tamás Bányai noted that the integration of the services of DIGI, Invitech and Antenna Hungária into one hand is a historic moment in the Hungarian telecoms market.

The 135 shops of Vodafone and Digi, currently operating in 98 municipalities, will be merged, and the two brands will be phased out by mid-January. In response to a question from MTI, Tamás Bányai said that the complete restructuring of the network of shops, starting this year, is part of a multi-year process. He did not want to share details about the financial costs of the restructuring or the exact amount of One’s planned investments for this year.

In a statement, the company stressed that One’s mobile tariffs have not changed since 1 January. Customers will find some packages under a different name, but the content and tariffs of the packages will be the same as the previous Vodafone and DIGI tariff packages, they said.

The company is offering banded discounts to customers with multiple services, and has introduced new mobile subscriptions with unlimited data and talk for both residential and small business customers, as well as new solutions for prepaid customers.

Among the company’s product offerings, Tamás Bányai highlighted that One is the only telecoms operator in Hungary to offer the full range of RTL+ Premium services in its packages at no extra cost, giving customers access to Champions League, Europa League and Conference League matches, as well as exclusive RTL in-house content, films and series.

In response to a question, he said that work was underway to enable RTL+ subscribers to access premium content with their current password as part of a One subscription.

The company promised to keep the targets set in the strategic agreement with the government. Currently, 2 million households are being reached by broadband internet and in the future, hybrid and all-fibre network deployments will continue, while the development of a 5G mobile network with gigabit download speeds will also be “ramped up”.
In the two years since 4iG acquired ownership in Vodafone, three times as many base stations have been deployed than in the two years before, he added.

Vodafone’s consolidated revenue fell to 233.883 billion forints in 2023 from 287.747 billion forints in the previous year, with profit after tax at 1.384 billion forints, down from 50.967 billion forints in 2022.

The interior of the brand store in the capital’s Westend City Center was the work of KVB Design in London, Room Design Studio and a team from 4iG.

also interesting: Vodafone receives gigantic fine in Hungary

Huge construction project begins on Hungary’s southern border

Röszke crossing is crowded. Serbia-Hungary border: heavy truck traffic

Construction work on the Hercegszántó-Béreg (Backi Breg) border crossing point on the main road 51 is about to start. Once completed, the road will be open to vehicles heavier than 3.5 tonnes at the Serbian-Hungarian border.

On the Hungarian-Serbian border, there are currently border crossing points at Hercegszántó, Bácsalmás, Tompa, Röszke, Ásotthalom, Bácsszentgyörgy, Tiszasziget and Kübekháza, while the closest border crossing point on the Hungarian-Croatian border is at Udvar. Most of these – Tompa, Röszke, and Hercegszántó – only accept crossers at certain times, while the border crossing for goods traffic is only possible at Tompa, Röszke, and Udvar.

One of the main objectives of the development is to significantly reduce the load on the Tompa and Röszke crossings, magyarepitok.hu reported.

According to the notice published in the EU’s public procurement notice, a really busy border crossing is planned: 2×2 freight lanes on both the exit and entry sides and the same number of bus lanes. There will be 2×4 control lanes for cars, and the project also includes the construction of traffic corridors for pedestrians and cyclists.

hercegszántó
Source: police.hu

The border crossing will also be upgraded to allow the free passage of oversized vehicles.

New Danube bridge connection

As previously reported, construction has started on 28.8 km of main road between Highway 51 and the M6 motorway, of which the new 756-metre-long Mohács Danube Bridge will be part. It is planned to have 2×2 lanes between the M6 and the bridge and 2×1 lanes between the bridge and the 51 motorway, but this could be upgraded to 2×2 in time.

In April last year, Duna Aszfalt Plc. won the contract to build the new Mohács Danube Bridge, and preparatory work has already started on the route and is expected to last until autumn 2028.

The development of the road and the border crossing together will also mean that part of the transit traffic from Western Europe to Serbia will no longer have to burden the M5 motorway but can take the much less busy M6 motorway and cross into Serbia via the new bridge at the Hercegszántó-Béreg (Backi Breg) border crossing.

Related article: Momentous construction to begin soon on Hungary’s southernmost Danube bridge

Read also: Historic moment: Border opens between Romania and Hungary

Hungary overtakes Slovakia in new EU ranking, but challenges remain

slovakia hungary eurostat

Hungary has surpassed Slovakia in research and development (R&D) spending relative to GDP within the Visegrád Group (V4), according to Eurostat’s latest report. However, the data reveals significant room for improvement, particularly in education-based R&D investments.

EU R&D spending trends

In 2023, EU member states collectively spent EUR 381.4 billion on R&D, marking a 6.7% increase from 2022, Növekedés reports. While this equates to 2.2% of the EU’s GDP—a figure unchanged from the previous year—Hungary’s R&D spending relative to GDP dropped to 1.39%, down from 1.63% in 2021. Among V4 countries, Hungary lags behind the Czech Republic (1.83%) and Poland (1.56%), narrowly leading Slovakia (1.04%).

slovakia hungary eurostat
Photo: depositphotos.com

A closer look at Hungary’s R&D spending

Hungary allocates the smallest share of GDP to education-based R&D in the EU, despite government claims that university funding reforms would bolster research. Corporate contributions dominate Hungary’s R&D spending, accounting for 73%—one of the highest proportions in the EU.

However, these figures can be misleading. In nations with lower GDPs, higher relative spending may not translate to significant absolute funding. When viewed on a per-capita basis, Hungary’s R&D expenditure is among the lowest in the EU, falling below both the V4 and EU averages.

Consequences and the path forward

The limited investment in R&D directly impacts Hungary’s competitiveness in knowledge-driven sectors. While other V4 nations, such as Poland, have achieved notable increases in R&D spending over the past decade, Hungary’s growth remains sluggish.

Despite this, experts caution against solely focusing on spending levels. Efficient allocation and outcomes, such as innovation and export growth, ultimately determine the effectiveness of R&D investments. Future data, including Hungary’s placement on the EU’s Innovation Scoreboard, will shed light on the country’s progress in leveraging its R&D efforts.

Hungary’s modest R&D spending underscores the urgent need for strategic investment in innovation, particularly in higher education. As knowledge and technology become the primary drivers of economic growth, addressing these gaps is crucial for the country to maintain and enhance its global competitiveness.

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Good news: Preparations for the construction of Budapest Airport Terminal 3 under way

Budapest Airport Terminal 3 (Copy)

Budapest Airport experienced the strongest passenger growth in Europe in October, with passenger numbers set to exceed 17 million by the end of the year. The airport operator expects robust growth in passenger traffic in the future as well, which is why the owners and the company’s management have started preparations for the construction of Terminal 3, which will ensure that the growing passenger traffic can be handled with high service quality.

Ferenc Liszt International Airport has set individual records in every month of 2024 in terms of passenger numbers so far, and by the end of October, total passenger traffic has surpassed the total figure for the previous year. By the end of the year, the airport could serve more than 17 million passengers. As a result of VINCI Airports’ excellent airline relations and Budapest Airport’s aviation development work, even more new long-haul flights could be launched from Budapest in the future. Based on these factors and considering Hungary’s attractiveness as a touristic destination, the owners and management forecast 20 million passengers by 2030. Preparations for the construction of the new Terminal 3 have therefore started this year, bud.hu wrote.

budapest airport terminal 3

“Based on the results so far, we can already see that we will handle a record number of passengers at the airport by the end of this year, which is not surprising, as Budapest and Hungary are becoming increasingly popular worldwide and more and more tourists are arriving every year,” said Francois Berisot, the CEO of Budapest Airport. He emphasized: “Significant developments are needed to serve the increasing passenger traffic with high quality. The design of Terminal 3 and some related construction works are already underway, and execution could start soon. The goals are ambitious; to serve more and more passengers, with high quality and continuously expanding infrastructure.”

Budapest Airport Terminal 3 (Copy)
Máté Lóga, state secretary for economic strategy, industry, financial resources and macroeconomic analysis / Chairman of the Board of Directors of Budapest Airport and Francois Berisot, CEO of Budapest Airport. Photo: Budapest Airport/bud.hu

Terminal 3 will be sustainable

One of the first works related to the new terminal is the earth backfill works required for the construction of the new apron. The future apron extension will allow 12 aircrafts to be handled simultaneously and will be the first phase of a major apron development.

The development and design of Terminal 3 will be carried out with sustainability aspects in mind, in line with Budapest Airport’s goal to reduce its emissions to zero by 2030, 20 years ahead of the deadline defined by Airports Council International. All elements of the terminal development are expected to be completed within eight years.

According to KPMG’s study, the investment and construction activities associated with the construction of Terminal 3 could create up to 63.9 billion HUF of indirect value added through the supply chain by 2027, provide jobs for 6 400 people and contribute up to 23.4 billion HUF to the incomes of Hungarian families.

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PHOTOS: Brand-new, Hungarian-made articulated e-buses will serve passengers from 2025

Brand-new, Hungary-made articulated e-buses will serve passengers from 2025

The brand-new Credobus Electronell 18 will be the first articulated e-bus manufactured in Győr and Mosonmagyaróvár. The first bus was presented at Budapest’s Népliget bus station. Check out some photos in our article below.

According to Világgazdaság, the Kravtex-Kühne group presented its latest innovation in cooperation with Volánbusz at the Népliget bus station in Budapest. The lightweight vehicle’s own mass is 4 tonnes lower than that of a traditional articulated bus. It has fewer battery modules, and its operation is more economical than its competitors’. Volánbusz is to test the first Electronell model at the beginning of 2025.

Brand-new, Hungary-made articulated e-buses will serve passengers from 2025
Photo: FB/Volánbusz

Kravtex-Kühne presented the first model in cooperation with the Hungarian state-owned Volánbusz company at the Népliget bus station in Budapest on 18 December. Lóránd Bói, a deputy secretary of the Ministry of Construction and Transport, said it was their utmost priority to serve passengers with modern vehicles.

He added they could reduce the average age of the vehicles from 13 to 10 years. Kravtex-Kühne played a key part in that project since more than half of the active buses were manufactured by that company.

Dr István Krankovics, the CEO of Kravtex Ltd, said the R+D behind the buses cost HUF 1.5 billion (EUR 3.63 million), but HUF 400 million (EUR 967,000) was covered by state support.
He added that the Kravtex-Kühne group is a market leader in Hungary, manufacturing 3,000 buses. He expressed their readiness to participate in the Hungarian public transport system’s electrification.

Brand-new, Hungary-made articulated e-buses will serve passengers from 2025
Photo: FB/Volánbusz

State support for articulated e-buses

László Kormányos, the technological and operational deputy CEO of the MÁV and Volánbusz conglomerate, said 100 e-buses arrived in the agglomeration of Budapest in 2022 and 2023, but only 6 to the rural cities. In 2025, they plan to deliver 20 more e-buses in six smaller settlements.

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Major renovation underway for Budapest’s historic Exchange Palace on Szabadság Square

Gránit Asset Management successfully closed the acquisition of the historical Exchange Palace (Tőzsdepalota in Hungarian) building in the heart of Budapest, Hungary, from private investors, for an undisclosed sum, in an asset deal. With this new venture, the long-vacant building can undergo a transformation and once again become a shining example of Budapest’s architectural heritage.

History of Exchange Palace

Exchange Palace is a monumental Beaux Arts building, completed in 1905, designed by the renowned architect Ignác Alpár, with ca. 50,000sqm total floor area. The building is located on the west side of Freedom Square (Szabadság tér in Hungarian) in the historical centre of District V in Budapest, only two blocks from the Hungarian Parliament, and just the opposite side of the square to the US Embassy. Since its completion it served as home to the Budapest Stock and Commodities Exchange, until World War II. Following the war, it became the headquarters of the Hungarian State Television until 2009. Exchange Palace is a listed historical monument under the protection of the National Heritage Authority.

Exchange Palace Tőzsdepalota (3)

New chapter for the landmark building

A private equity fund, managed by Gránit Asset Management, and the company owning the Exchange Palace building, represented by Andrea Suriano, senior manager of Futura Investment Management and Futura Funds SICAV- Kappa Fund and Canadian investor Michael D. Tippin, Founder of Tippin Corporation, successfully closed the transaction on December 12.  The sale marks the beginning of a new chapter for the landmark building situated in the heart of Budapest, Hungary, on the famous Liberty Square. Gránit intends to redevelop Exchange Palace for a function and purpose which highlights its iconic architectural status, while preserving its historic characteristics.

The successful sale of Exchange Palace marks an exciting milestone for all parties involved in the process. After overcoming numerous challenges to ensure the successful sale and reuse of Exchange Palace in the best interest of our limited partners and the City of Budapest, we are pleased to welcome Gránit Asset Management as our buyer, whose shared vision, experience in the local real asset markets and confidence in the project have been instrumental in bringing this transaction to fruition and finally, to completion” mentioned Alberto Matta and Andrea Suriano representatives of Cougar Real Estate SA, the majority shareholder of the Exchange Palace.

Exchange Palace is in good hands with an esteemed Hungarian investor as its rightful new owner. I am confident Gránit will design and develop this truly extraordinary building to its fullest potential. Since 2006, Tippin Corporation, together with Futura Funds (2013), have been proud custodians of this famous Hungarian landmark. While not our original plan, the building became the set of many Hollywood feature films and promoted beautiful Budapest to the world.  I’m delighted that our goal for Exchange Palace to be restored and returned to the Hungarian people will be realized,” said Michael D. Tippin.

Exchange Palace Tőzsdepalota (3)

We always kept an eye on Exchange Palace waiting for the right time to quickly move and acquire this historic building in this excellent location. I am glad this moment finally came, and we were able to form a truly collaborative environment with the sellers. For Gránit Asset Management, investing in projects that offer long-term value to our investors has always been a primary objective, and this transaction aligns perfectly with that goal. One might think this transaction is a great achievement in light of its past, which is definitely true, however, for us, this is just the first step, and in fact the real journey is yet to come with creating a completely new design for Exchange Palace and executing its full restoration” added Álmos Mikesy, CEO and Chairman of the Board of Gránit Asset Management, representing the buyer. He continued: “The revitalization of this long-vacant building and its transformation into a commercially viable space will have a positive impact on the entire downtown area, boosting not only its architectural appeal but also its economic and tourism prospects.”

Throughout the due diligence and sales process, Gránit was advised by DLA Piper and Sentient. The sellers were represented by CMS Cameron McKenna, CBB law, CBRE and Cushman & Wakefield.

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Sensational: Medieval church discovered beneath Visegrád tennis court reveals architectural masterpieces

4 restored Budapest palaces to shine bright in the capital’s historic heart – VISUALS

PM Orbán: ‘We are building strong countryside’

“We are building a strong countryside because without that there would be no strong Hungary,” Prime Minister Viktor Orbán said at the inauguration of a section of Route 53 bypassing Soltvadkert, in southern Hungary, on Monday.

Hungary’s government had decided as far back as 2010 that it would put an end to the internal migration seen in rural Hungary, and had set out to ensure that certain parts of the country do not have to prosper at the expense of others. “We set out to make the Hungarian countryside an attractive place where it is worth living because there are jobs and high quality services and everything is accessible within a reasonable time frame,” the prime minister said. “It isn’t right that Budapest’s level of development is at 158 percent of the European Union average, while all other regions are below the average.”

Route 53 bypassing Soltvadkert, in southern Hungary
Route 53 bypassing Soltvadkert, in southern Hungary. Photo: MTI

read also: Happiness statistics: Hungary ranks among the least happy nations – Here’s why!

Orbán said the town of Soltvadkert and Bács-Kiskun County were “winners of the government’s measures”. He said the employment rate in the county has risen to 74 percent from 56 percent since 2010 while the unemployment rate has fallen to 4 percent from 10 percent. Meanwhile, the average wage has risen to 490,000 forints from 160,000, he added. He said the region would play an even more important role in the future, noting the government’s plan to set up a new economic zone in the country’s southern regions. The government has earmarked 330 billion forints (EUR 806.5m) in next year’s budget for making the southern Hungarian countryside stronger, resilient and independent, Orbán said. He noted ongoing investment projects in Kecskemet, adding that bypasses are also being built next to Szeged and Baja, with another one planned for Pécs.

Orbán said that when he last visited Soltvadkert during the European Parliament election campaign in the spring, “there appeared to be no chance for peace” in neighbouring Ukraine. Hungary, he said, had been under “tremendous pressure” from the United States for its pro-peace position, “and the pro-war Brussels bureaucrats were also giving us a thrashing”. But over the past six months, the “pro-war, anti-migration and pro-family forces” have gained a majority in the Western world, he said. Hungary’s ruling parties secured a resounding victory in the EP elections, established the Patriots of Europe party, becoming essential players in the legislative body, and in the United States “our brother-in-arms” Donald Trump was elected president, Orbán said. He said the Hungarian economy was set for a “fantastic year” in 2025, saying Hungary would emerge stronger “from the shadow of the war that has been going on for three years now”.

read also: Tax benefits change, 3rd-country guest workers will earn less in 2025 in Hungary!

Aeroplex expands capacity at Bucharest base

State-owned aircraft maintenance, repair and overhaul company Aeroplex expanded capacity to two production lines at its base at Bucharest’s Baneasa Airport, the company said on Friday.

The Bucharest base, established in cooperation with Romaero, was inaugurated in October. The second client at the base, Spanish airline Albastar, is due to arrive mid-December.

Aeroplex aims to expand the Bucharest base to three production lines by the end of next year. It had net sales revenue of HUF 31.4bn last year, public records show.

Read also:

  • Aeroplex inaugurates aviation components repair base near Budapest Airport

Featured image: illustration. Source: FB/Aeroplex

New motorway stretch, twin tube tunnel inaugurated in Hungary – PHOTOS

Local and central government officials inaugurated a 4-kilometre new motorway stretch of the M85 motorway, between the city of Sopron and the border with Austria, on Saturday.

The stretch, which includes a 780-metre twin tube tunnel, was built at a cost of HUF 67.2bn, funded entirely with state resources. The stretch was built by a consortium of Domper, Subterra-Raab and Pannon-Doprastav.

Sopron only able to develop when connected to world around it, says PM Orbán
Throughout its history, the city of Sopron has only been able to develop when it was connected to the world around it, Prime Minister Viktor Orbán said in Sopron, in western Hungary, on Saturday, at the inauguration of the final stretch of the M85 motorway and the Vienna Hill tunnel.

In his speech, Orbán noted that in 1921 Sopron and its surrounding villages voted in a referendum to remain within Hungary’s borders, but the global powers had separated Hungarians with the new borders forced on them. But, he added, the fact that “we are here 103 years later” was a testament to the nation’s strength and its confidence in the future.

The prime minister said that after the first world war Hungary’s enemies had decided that Hungarians “should be small and poor”. But Hungarians never accepted this fate, and “we always wanted Hungary to be a big and rich country”. “If we lose the war, we’ll win peace,” Orbán said. He said Hungarians had always lost out when the nation had been “pushed to civilisational borders”. “We were on the losing end when the Christian-Islam civilisational border was located on the country’s territory, centuries of war cost Hungarian lives, and the country’s economic strength was also lost,” he said.

New motorway stretch, twin tube tunnel inaugurated in Hungary
Photo: MTI

“We were also losers of the Cold War when we were ripped away from Europe,” the prime minister said. “Sopron was also a loser of this period, with the most difficult period in its history being the time when the Iron Curtain was but a few kilometres away, multiplying all the tragedies of the Trianon peace treaty.”

Sopron has only been able to develop when it was connected to the world around it, Orbán said. The Sopron area connects not just north and south, but also east and west, and is where the Carpathian Basin meets the Alps region, Orbán said. “And what’s true for Sopron is also true for Hungary: it can only develop if it can take advantage of its favourable geographical location and if it connects to the world around it instead of closing itself off,” the prime minister added.

He said this required active political and economic relations as well as infrastructure connecting the country to the rest of the world such as airports, railways, bridges and motorways.

New motorway stretch, twin tube tunnel inaugurated in Hungary
Photo: MTI

He said his government had decided to turn areas that had been on the periphery during the Cold War into central hubs and “put Hungary on the map, in the middle of Europe”.

The government has spent 4,200 billion forints (EUR 10.3bn) on public road developments over the last 15 years, building 870 kilometres of motorways and highways, Orbán said.

Including the M85 motorway, there are now 10 expressways that extend to the country’s borders compared to just three in 2010, Orbán  said.

The completion of the M85 links it with the Austrian border and the entire Hungarian motorway network, he said.

Romania’s accession to the European Union’s passport-free Schengen zone meant that “we have eliminated the Romania-Hungary border”, he said, adding that Saturday’s inauguration could be considered connecting Hungarians in Burgenland with Hungarians in Transylvania.

New motorway stretch, twin tube tunnel inaugurated in Hungary
Photo: MTI

He said next year will see the M44 expressway linked to the motorway at Kecskemet, in central Hungary, and preparatory works are under way on road M49 as well as the new section of the M4 motorway. Today there are ten four-lane expressways that extend to the border, but that number will rise to 19 within ten years, he added.

Next year the government will spend some 8,100 forints on more than 300 investment projects which will make Hungary a “real connection point” and a commercial and logistics hub in Europe.

Orbán said his plan was that in 2025 “we’ll push the clouds of war aside”, adding that the government was working to make 2025 “a fantastic year” for the economy.

BMW and China’s CATL and BYD plants will start production and the Demjan Sandor Programme which aims to scale up SMEs will also be launched, the prime minister said.

Wages will rise, and Hungary will see an unprecedented minimum wage increase over the next three years, he added.

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PHOTOS: The buttress of the Western Gardens of the Buda Castle is shining in its original beauty!

The buttress of the Western Gardens at the astonishing Buda Castle has been renewed and is shining in its original beauty. Check out the details and some photos in our article below.

According to the Facebook page of the National Hauszmann Programme, the Palota Street connecting the Dózsa György Square and the Buda Castle was created following the plans of Miklós Ybl in the 1880s. The aim was to substitute the steep road from the Tabán.

The serpentine crawling to Castle Hill with sharp bends is supported by several buttresses to stabilise its weight.

According to their Facebook post, the renovation project contains the renewal of the Western Gardens beneath the Palace of Archduke Joseph. Based on the plans, the garden will be open to the public. Furthermore, they will create a third underground garage, expanding the number of available parking places in the district.

They have finished the structural construction of Palota Street’s Eastern buttress, which received a new surface of Süttő limestone. Moreover, they placed the cast iron handrail resembling the style of the Ybl handrail of Palota Street.

As a result, the buttresses and the handrails are shining in their original, 19th-century beauty.

The buttress of the Western Gardens of the Buda Castle is shining in its original beauty
Photo: FB/National Hauszmann Programme

Read also:

  • Historical Budapest palace close to Chain Bridge can be sold in no time – read more HERE
  • Unique artefacts unearthed at Buda Castle during restoration efforts

High-tech garbage trucks of MOHU to conquer Hungary’s roads by 2027, MOL’s Christmas fuel truck launched

mol mohu Advent fuel truck

MOHU, which has a nationwide municipal waste management concession, is investing several tens of billions of forints to upgrade its fleet of garbage trucks, the unit of Hungarian oil and gas company MOL said on Thursday.

MOHU said it plans to purchase around 1,000 trucks and will initially take delivery of 165 Mercedes vehicles from Germany. The first new trucks will be put into service in various parts of the country from 2025.

MOHU said that the average age of the 2,000 garbage trucks currently operating in Hungary is 13 years. The average age of the trucks could be lowered below 10 years by 2027 with the new purchases.

MOHU has committed to raising Hungary’s recycling rate from 32pc to 65pc by 2035.

High-tech garbage trucks to conquer Hungary's roads by 2027
MOHU’s Hungarians-developed recycling vehicle. Photo: Instagram/MOHU

MOL launches beautifully decorated Advent fuel truck

MOL’s gas station refuel truck decorated with Christmas lights will travel 5,000 kilometres until 24 December. The attraction will be seen in Budapest and several towns in Hungary, including Tiszaújváros, Százhalombatta, Szolnok, Komárom, Szeged, and Nyíregyháza.

The truck will start its journeys at nightfall to visit busy gas stations all over Hungary. HERE you may check out its schedule.

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  • Hungary deposit-return system reaches half a billion milestone

Moody’s downgrades outlook for Hungarian banks

Raiffeisen Bank office budapest moody's

Moody’s Ratings on Thursday took rating actions on four Hungarian banks, reflecting the change to negative from stable of the outlook on Hungary’s Baa2 sovereign rating.

Moody’s upgraded the baseline credit assessment (BCA) of Austrian-owned Raiffeisen Bank to baa3 from ba1, reflecting the lender’s “sustained improved financial performance and robust profitability outlook”. It affirmed Raiffeisen Bank’s A3 long-term deposit rating.

Moody’s affirmed the ba1 BCA of K+H Bank, a unit of Belgium’s KBC, acknowledging the lender’s “solid franchise” as the country’s third-biggest bank, “good profitability” and “robust asset quality”. It affirmed the bank’s A3 long-term deposit ratings.

Moody’s affirmed the ba1 BCA of Austrian-owned Erste Bank Hungary, pointing to “strong earnings capacity”, “large liquidity buffers” and “sound funding profile”. It affirmed the lender’s A3 long-term deposit ratings.

Moody’s assigned negative outlooks to the long-term deposit ratings of all three banks, driven by the negative outlook on Hungary’s sovereign rating.

Moody’s affirmed the Baa2 foreign-currency backed senior unsecured debt and backed deposit ratings of the Hungarian Development Bank (MFB) with a negative outlook.

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Paks Nuclear Power Plant expansion reaches new milestone

Paks Nuclear Power Plant new milestone

The Hungarian Atomic Energy Authority has approved the preliminary safety report for the pouring of the first concrete of the expansion of the Paks nuclear power plant, another milestone in the project, Minister of Foreign Affairs and Trade Péter Szijjártó was quoted as saying by his ministry on Friday.

He said the pouring of the first concrete is expected to take place early next year.

Szijjártó said the Paks power plant expansion is currently the biggest nuclear project with a building permit in the European Union.

Paks Nuclear Power Plant new milestone
Photo: FB/Paks NPP

Agroszika completes new site in Debrecen industrial zone

Agroszika completed a HUF 209m site in the southern industrial zone of Debrecen (E Hungary) on Friday. The investment costs were fully covered by a conditional European Union and state grant. Agroszika’s activities include earthworks, freight transport and waste management. It had revenue of HUF 2bn last year, managing director Krisztina Hajdu-Kalmar said.

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Featured image: illustration

Debrecen BMW plant construction reaches important milestone

Debrecen BMW plant construction reaches important milestone guest workers

Market Építő has completed buildings and infrastructure with a combined value of EUR 367m at the site of German car maker BMW’s new base in Debrecen (E Hungary), the Hungarian-owned construction company said on Thursday.

Market Építő completed four buildings at the site, including the 140,000sqm manufacturing hall. Market Építő has carried out eight projects at the base under contract from BMW Group and the municipality of Debrecen since 2019.

BMW laid the cornerstone of its plant in Debrecen in the summer of 2022. Production of the fully electric Neue Klasse is set to start there in 2025.

Debrecen BMW plant construction reaches important milestone
Illustration. Photo: MTI

Europe needs competitiveness turnaround, says minister

Europe needs a “competitiveness turnaround”, National Economy Minister Márton Nagy said ahead of a meeting of European Union ministers in charge of competitiveness in Brussels on Thursday. In a statement issued by his ministry, Nagy said the United States and China were ploughing large fiscal resources into the digital and green transitions, and the EU needed to catch up if it didn’t want the competitiveness gap to widen further.

At the Competitiveness Council on Thursday, ministers responsible for the internal market and industry will discuss the future of European competitiveness and better regulation to reduce bureaucracy. The European automotive and battery industries and the biotechnology sector are also topics on the agenda.

2025 year of ‘real’ action to improve competitiveness, minister adds

National Economy Minister Nagy said 2025 needed to be the year of “real activities” to improve European competitiveness after a meeting of the Competitiveness Council in Brussels on Thursday. After chairing the meeting of the ministers in its internal market and industry formation, Nagy warned that Europe’s loss of competitiveness had accelerated in recent years. He highlighted the Budapest Declaration on the New European Competitiveness Deal adopted at an EU summit in the Hungarian capital earlier in November and said it could spur economic growth and the start of the green and digital transitions.

Nagy said the internal market needed to be deepened, regulatory burdens reduced, and the business environment improved, especially for SMEs. Competitiveness must be based on productivity and innovation, not protectionism, he added. He said climate goals had to be harmonised with competitiveness targets, pointing to the debate over the challenges faced by Europe’s vehicle makers. He added that the EU had “rushed” its climate targets without adjusting them to an industrial strategy.

Nagy said the switch to electromobility would have to be made if 2035 climate targets could be achieved. The ministers, Nagy said, debated whether nuclear energy was zero-emissions or not, a definition key to nuclear power’s support from the EU budget.

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Hungary proud on scientists, increased R+D sector funding significantly

Laboratory Testing hungary research + development

Hungary has created a model showing its commitment to research and development, and raised funding for the R+D sector threefold in the past decade, the minister of culture and innovation said on Saturday, at the closing event of the World Science Forum.

“The number of research and development professionals in Hungary has doubled since 2010, that of students in graduate studies doubled in five years, and some 30 percent of them are international students,” Balázs Hanká said at the event held in Parliament.

The government is supporting the sector by creating a company-friendly environment with the lowest corporate tax, 9 percent, in the EU, and tax cuts for R and D, investment and for employment, he said. Further, it set up a National Research, Development and Innovation Fund, and is supporting joint R and D programmes. “We support the growth of science campuses and technology transfer companies to bolster innovation.”

Balázs Hankó hungary research + development
Balázs Hankó. Photo: MTI

The government is focusing on cutting-edge sectors such as digitalisation, the green transition, healthy lifestyle and security, he said. Noting the Nobel Prizes awarded to biochemist Katalin Kariko and physicist Ferenc Krausz, Hankó said Hungary was proud of its scientists. “I am convinced that Hungary is one of the best places on earth to organise scientific conferences as well as to conduct scientific research.”

The conference was attended by Azzedine El Midaoui, Morocco’s minister of higher education, research and innovation, Patricia Gruber, science and technology adviser to the US Secretary of State, Lidia Brito, the UNESCO Assistant Director-General for Natural Sciences, and Sudip Parikh, the CEO of the American Association for the Advancement of Science (AAAS), among others.

Later on Saturday, Tamás Freund, the head of the organiser Hungarian Academy of Sciences, announced that the next World Science Forum will be organised by Indonesia in 2026.

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