industrial

Tungsram lays off 1600 workers, government proposes retraining

Workers of Tungsram Operations who are being made redundant due to downsizing have the chance to participate in training subsidised by the government, a ministry of technology and industry (TIM) official said on Tuesday.

Tungsram announced in April it was terminating the production of traditional lighting products and would lay off 1,600 employees in the counties of Zala, Szabolcs-Szatmár-Bereg and Hajdú-Bihar, as well as in the capital, by the end of the year.

TIM is helping all such employees to get back to work as soon as possible, Zsolt Kutnyánszky, the state secretary for industry and the labour market, said in a statement.

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Read alsoNon-EU migrant labour key to Hungary growth

Non-EU migrant labour key to Hungary growth

africa worker

The employment of migrant workers from outside the European Union is key to Hungary’s economic growth, Hungarian temporary employment agency Work Force said on Monday.

Hungary’s growing manual labour shortage woes are forcing businesses to look for new ways to tackle the problem, Work Force said in a statement, noting that it had recently helped with the employment of a group of 40 Filipino migrant workers in Veszprem, in western Hungary.

The agency said it expected over 1,000 more foreign workers to enter the Hungarian labour market in the near future.

Demand for migrant workers is highest in the manufacturing sector but they are also needed at hotels, hospitality venues and service companies, Work Force said.

Work Force has eight offices across Hungary and provides services on a continuous basis to 300 clients.

As we wrote earlier, labour shortages cause flight delays and cancellations at Budapest Airport, details HERE.

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Read alsoWhy is the Asian workforce steadily increasing in the Hungarian labour market?

Orbán cabinet gives two million euros to Diehl Aviation Hungary aircraft parts plant

The government wants Hungary to be a “local exception in a European continental crisis”, Foreign Minister Péter Szijjártó said on Monday.

He told an event marking the ten-year anniversary and the opening of a new production facility of Diehl Aviation Hungary that the country had come out from every recent crisis stronger than it had been before.

Hungary had to face a number of crises in the past 11 years, including financial, migratory and health crises which “hit with elementary force and wore excessively on the global economy, including the European economy”, he said.

“The European economy is suffering and unfortunately, I must say that the worst is probably yet to come because the energy supply crisis looming on the horizon projects an extremely difficult vision of the future for Europe’s economy,” he said.

“We had earlier heard some western European politicians saying that they found a solution and Europe had separated itself from Russian gas, but the scares and rather chaotic measures of the recent period do not support such statements,” he added.

“Following the European responses to the Ukraine war, it is now the continent that had introduced the sanctions that suffers the most from the energy emergency and not the country against which they were introduced,” he said.

The government wants to ensure that Hungary remains a local exception in a continental crisis and the country has all the necessary fundamentals considering that it has grown stronger fom all the difficulties of the past period, he said.

“The basis for all this has been an investment promotion economic policy which is built on keeping tax burdens the lowest in Hungary and providing support to prevent unemployment instead introducing austerity,” he added.

Hungary’s economic policy has proven crisis resistant as demonstrated by last year’s record figures in investment, employment, growth and exports, he said.

Szijjártó said that Diehl had finished a third production facility in Hungary to manufacture aircraft parts. The company employs 870 people in Hungary and the state provided 867 million forints (EUR 2.2m) for the project, he added.

Over 3,300 people work in Hungary in aircraft and space vehicle production and the sector grew by 34 percent in the first five months of this year, generating a production value of over 70 billion forints, he said.

Szijjártó also said that German companies represented the largest investment community in Hungary, with bilateral trade reaching a record 60 billion euros last year and the production volume increased by 7 percent in the first four months of this year.

As we wrote in June, German arms and French helicopter plant to open soon in Hungary.

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Read alsoAudi to build new electric engine plant in Hungary

Orbán cabinet: Now is not the time to phase out conventional car engines

szijjártó

Like the economy of Europe as a whole, its car industry faces grave challenges in the coming period, the minister of foreign affairs and trade said on Monday.

“The inflationary environment, rising raw material prices, and the uncertainty around supply chains pose serious challenges to the car industry,” Péter Szijjártó said on Facebook, noting that he and BMW board member Milan Nedeljkovic last month laid the cornerstone of a BMW plant in Debrecen, in eastern Hungary, and they consulted via video link on Monday.

“It’s especially important not to put extra burdens on the sector,” Szijjártó said.

Factors such as environmental protection should be considered alongside strengthening competitiveness, he said.

He said a key European sector should not be allowed to fall prey to ideology or politics at a time “when the European economy needs support”.

“Now is not the time to cast a date in stone” for phasing out conventional car engines, he said. “Naturally, emissions must be cut, but this must be dictated by common sense,” he added.

The foreign minister underlined the importance of the car industry’s future for Hungary, noting that the sector’s annual production volume totals close to 10,000 billion forints (EUR 24bn) and it employs around 150,000 people.

KAMAZ Electric Truck
Read alsoHungary to manufacture electric trucks from 2025 – PHOTO GALLERY

Audi to build new electric engine plant in Hungary

audi

Audi is investing 120 billion forints (EUR 301m) to build a new plant turning out electric motors for Volkswagen Group cars in Győr, in north-western Hungary, Péter Szijjártó, the minister of foreign affairs and trade, announced on Tuesday.

The investment, which is supported by a 8.5 billion forint (EUR 21m) government grant, will create 500 jobs, he said, adding that production is slated to start in 2025.

The plant will turn out multiple parts for innovative MEB ECO electric motors designed for smaller Volkswagen Group vehicles, he said.

In his speech at the event, Szijjártó said car manufacturing had developed by leaps and bounds in the past twelve years in Hungary, becoming the “backbone of the Hungarian economy”.

The sector’s production value was 9,400 billion forints in 2021, up from 3,600 billion in 2010, he said. Despite global economic challenges, it reached 3,500 billion forints in the first four months this year, and 158,000 Hungarians are employed in the sector, up from 86,000 in 2010, he added.

With 90 percent of production exported, Hungary is the 20th biggest car exporter in the world, he said.

Audi is one of the largest players in the field, employing 13,000 Hungarians and ensuring livelihoods for some 25,000 families, he said.

Audi, which turned out a record 171,000 cars in Hungary last year, has aided Hungary’s government in “a revolutionary transition of the automotive sector” by starting the mass production of electric motors in 2018, he said.

German investors employ some 300,000 people in Hungary, and bilateral trade between the two countries has reached a record 60 billion euros, he said.

As we wrote last year, the launching event of the mass production of Mercedes’s electric EQB SUV in Kecskemét Szijjártó said the 50 billion forint (EUR 1.4bn) investment, supported by a 15 billion government grant, details HERE.

KAMAZ Electric Truck
Read alsoHungary to manufacture electric trucks from 2025 – PHOTO GALLERY

Hungary’s industrial output up 3.1 pc yr/yr in April

Hungarian industrial output grew by an annual 3.1 percent in April, slowing from 3.6 percent in the previous month, the Central Statistical Office (KSH) said on Tuesday in a second reading of data.

Month on month, output fell by 1.6 percent, based on seasonally and working day-adjusted data.

In January-April, industrial output increased by 4.9 percent from the same period a year earlier.

Output of automotive companies, accounting for 21 percent of manufacturing sector output in April, dropped by an annual 7.1 percent, KSH said.

The detailed data show output of the computer, electronics and optical equipment segment, accounting for 10 percent of manufacturing, increased by an annual 4.9 percent.

Output of the food, drinks and tobacco segment, which made up 12 percent of manufacturing sector output, rose by 11.9 percent.

M0 Hungary Budapest traffic cars transport hungarian motorway
Read alsoPassenger transport up and freight down in the Q1 in Hungary

German arms and French helicopter plant to open soon in Hungary

Rheinmetall Germany

The cooperation between Hungary and German armed vehicle manufacturer Rheinmetall is faring well, with a plant in Zalaegerszeg, in south-western Hungary, slated to be inaugurated within the next two weeks and the construction of two ammunition plants planned to start soon in Várpalota, in central Hungary, the minister for technology and innovation said in Villepinte, near Paris, on Monday.

Rheinmetall

Speaking to MTI by phone on the sidelines of the Eurosatory defence and security exhibition, László Palkovics said that besides the production agreement, Rheinmetall has also signed a research agreement with Hungary, on developing a hybrid armoured infantry vehicle.

Airbus

Meanwhile, Airbus is opening a helicopter parts plant in Gyula, in southeastern Hungary, this month.

“Besides gun, ammunition and land vehicle manufacturing, Hungary has also put itself on the map of aircraft manufacturing,” Palkovics said.

Nurol Makina

Hungary has also bought 500 vehicles from Nurol Makina, a Turkish armoured vehicle manufacturer, he added. Of these, 50 have already been called up, and the first ten Gidrán-type armoured vehicles for support duties arrived in Hungary at the beginning of the year, while the installation of the remaining forty is expected to begin in Kaposvár in September.

The first 50 vehicles are still being manufactured in Turkey, but as the number of vehicles increases, more and more will be produced in Hungary, the minister said.

Last December, it was announced that the Hungarian Defence Forces would systemise more than 300 Gidrán 4×4 armoured wheeled military vehicles. The vehicles will also be produced in Hungary, in Kaposvár, on the model of the Turkish Nurol Makina Ejder Yalcin and NMS 4×4 military vehicles.

Eurosatory, the largest defence exhibition in Europe, has drawn 1,700 exhibitors from 62 countries this year. Over 200 delegations and 100,000 visitors are expected. The exhibition runs between 13 and 17 June.

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Read alsoPresident signs Hungary’s armed defence plan

KSH: Industrial output slows as automotive sector sputters

Hungary-car-industry

Output of Hungary’s industrial sector rose by 3.1 percent year-on-year in April, slowing from 3.6 percent in the previous month, as output of automotive companies continued to contract, the Central Statistical Office (KSH) said in a first reading of data on Wednesday.

Adjusted for the number of workdays, output increased by 4.7 percent.

In a month-on-month comparison, output fell a seasonally- and workday-adjusted 1.6 percent.

While automotive sector output declined, KSH said output of the other two big industrial sector segments – computers, electronics and optical equipment, and food, drink and tobacco products – rose over headline growth.

For the period January-April, industrial output rose by 4.9 percent from the same period a year earlier.

Prime Minister Viktor Orban's fifth government was formed as its fourteen ministers took their oaths of office in parliament
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New goal: raise Hungary’s gas production

Central heating pump Hungary gas

The government is looking to bolster domestic energy production to strengthen independence from imported energy resources, László Palkovics, the technology and industry minister told a conference on Thursday.

Hungary is already in talks with the European Union regarding 16 billion euros in funding to bolster energy sovereignty, he said in his keynote speech at the Green energy and sustainability expo and conference in Zalaegerszeg, in southwest Hungary.

“Setting up the ministry of technology and industry in the [new] government is a declaration, among other things, of not wanting to give up on creating a greener environment but also wanting to find solutions to the challenges surrounding us,”

he said. The government is looking into exploiting the shale gas fields near Makó, in southeast Hungary, and reopening the oil wells in southwestern Zala County, he said. Those alternative technologies seemed unimportant earlier, “but may be needed in this new environment,” he said.

The goal is to raise Hungary’s gas production to an annual 2.5 billion cubic metres from 1.5 billion, he said.

Other projects include revamping the Mátra power plant in northern Hungary and shutting down the blocks using lignite in 2025,

Palkovics said. They would be “kept in reserve” and replaced by a hydrogen plant and a solar plant, he said.

szijjártó
Read alsoSzijjártó: Govt to protect utility fee cuts, pensions, full employment

1,600 workers layoffs start at Tungsram

Tungsram partnership

Tungsram said in April that some 1,600 workers will be laid off as it ceases production of its hallmark products by the end of the year. The layoffs will impact workers in Kisvárda and Hajdúböszörmény, in eastern Hungary, and Nagykanizsa and Zalaegerszeg, in southwest Hungary, the company said.

Government to support laid off Tungsram employees

The government is allocating funds to the re-training and re-employment of Tungsram workers laid off as the company is stopping the manufacturing of traditional lighting products, the innovation and technology ministry said on Wednesday.

The government will fund workers’ jobhunting with direct subsidies and training during the notice period, the ministry said in a statement to MTI on Wednesday. Future employers will also be eligible for state subsidies, the statement said.

BMW’s Debrecen plant to be world’s first running fossil-free

bmw 2021

The world’s first car plant to operate solely from renewable energy will soon be up and running in Debrecen.

BMW’s new plant will “completely abandon fossil fuels”, the company’s chief executive, Oliver Zipse, told the BMW Annual General Meeting in Munich on Wednesday.

Construction will start on June 1 and electric BMW cars will roll off the production line 26 months later, he said.

Electricity for manufacturing will be generated on site for the most part, while

“100 percent renewable energy sources” will provide the rest, he added.

As we wrote before, following the Hungarian capital, Debrecen and its surroundings were the second most popular regions for property buyers last year. Here is the entire list of the most popular Hungarian cities, including the number of sales, which demonstrates that the property market closed a record year in Hungary last year, details HERE.

BioTech USA announced a huge capacity expansion

biotech usa

The coming decade is expected to bring further crises, as did the past twelve years, and the government is ready to protect Hungary’s interests and economic achievements as it has done before, Foreign Minister Péter Szijjártó said on Monday, at the announcement of an investment project by BioTech USA.

The company, which manufactures dietary supplements, has announced a capacity expansion worth 11.5 billion million forints (EUR 30.1m), supported by a 2.7 billion government grant.

The upgrade of BioTech’s plants in Dunakeszi and Szada, on the outskirts of Budapest, will create 100 jobs.

Szijjártó noted that the exports of protein products had jumped by 75 percent since last year.

The Hungarian food industry’s production value was at 4,500 billion forints last year, up by an annual 12 percent, he added.

As we wrote last week, Hungarian motorways to be maintained and built by a consortium in the next 35 years!

Good news came from the Hungarian economy – UPDATED

Output of Hungary’s industrial sector rose by an annual 4.5 percent in February, around half the pace in January, the Central Statistical Office (KSH) said in a detailed reading of data on Wednesday. Output of Hungary’s construction sector rose by an annual 42.3 percent in February, the highest pace in almost three years, the Central Statistical Office (KSH) said on Wednesday.

The automotive segment, which accounted for 25 percent of the manufacturing sector in February, slipped by an annual 0.8 percent as production shutdowns and scale-backs because of the global semiconductor shortage recently hit the sector. The output of the computer, electronics and optical equipment segment, accounting for 11 percent of manufacturing, increased by an annual 2.0 percent in February.

Output of the food, drinks and tobacco segment, which made up another 11 percent of manufacturing sector output, climbed 10.0 percent. Adjusted for the number of workdays, headline output rose by 4.5 percent.

UPDATE (14.57 GMT)


Output of Hungary’s construction sector rose by an annual 42.3 percent in February, the highest pace in almost three years, the Central Statistical Office (KSH) said on Wednesday. Output of the building segment climbed 56.2 percent, while civil engineering output was up by 20.0 percent.

In absolute terms, construction sector output was 397.9 billion forints (EUR 1.1bn) in February.

In a month-on-month comparison, construction sector output was up 13.3 percent, adjusted for seasonal and workday effects. Order stock in the construction sector was 19.2 percent higher at the end of February than twelve months earlier. Buildings segment orders were up by 15.6 percent and civil engineering orders rose by 21.7 percent. New orders jumped by 92.7 percent during the period, as new orders in the buildings segment climbed 65.3 percent and new civil engineering orders were up by 128.2 percent.

Takarékbank chief analyst András Horváth said state subsidies for home purchases and renovation may be a driver behind the strong demand at present. He added that general contractors’ projections early in the year for annual price increases of around 10 percent have been bumped up as high as 25 percent or more.

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Read alsoHungarian forint continues to weaken – will it fall victim to the war and crisis?

FM inaugurated two Hungarian factories, creating 260 jobs

Péter Szijjártó Hungarian Minister of Foreign Affairs Inaugurations in Hungary 1

The Foreign Minister of Hungary has inaugurated two brand new Hungarian factories yesterday. Read about which aspects of the Hungarian economy has grown this time.

Szijjártó inaugurates AJG Agrogép farm machine manufacturer in NE Hungary

In view of the war in Ukraine, all investments that boost the performance of Hungary’s agriculture are of strategic importance, Péter Szijjártó, the minister of foreign affairs and trade, said on Wednesday at the inauguration of the expansion of AJG Agrogép, a farm machine manufacturer in north-eastern Hungary.

At the event in Nyírtelek, Szijjártó praised the “excellent performance” of Hungary’s agriculture during the coronavirus pandemic, which hit a record 3,000 billion forints (€ 8.1 billion) and was free of supply interruptions, the foreign ministry said in a statement.

The government, bearing the war in mind, has made it mandatory to report exports of grain, and raised supplementary farm subsidies to 80 percent from 12.5 percent, he said.

The government supported AJG’s 565-million-forint investment with a 282 million grant, helping the company to preserve 130 jobs, he said.

In Szabolcs-Szatmár-Bereg County, 52 companies invested a total of 30 billion forints with the help of the government’s investment support scheme, which provided 13 billion in grants, thereby helping to save 12,000 jobs, he said.

Szijjártó inaugurates Szerencs Bonbon investment in NE Hungary

As Hungarian-owned businesses go from strength to strength, they reduce the country’s vulnerabilities and enhance the country’s economic stability, the minister of foreign affairs and trade said at the inauguration of a 600-million-forint (€ 1.6 million) expansion of the Szerencs Bonbon sweet factory in north-eastern Hungary on Wednesday.

The government has provided support of 282 million forints, helping the family-owned company preserve 130 jobs, Péter Szijjártó said.

He said it was important to strengthen a traditional brand, adding that “reviving Hungarian brands we know from our youth will also benefit our national self-awareness and pride”. Szijjártó said Hungary’s food industry was experiencing its “most successful days”.

The investment project in Szerencs includes the construction of a 2,300 sqm production hall and the merger of the factory’s various facilities in Szerencs into one complex.

Hungarian Defence Forces Military Army Tank
Read alsoEverybody has to defend Hungary in case of an attack – here are the rules

Hungary’s situation in the light of current events – Orbán’s speech (Part 2)

Viktor Orbán Prime Minister of Hungary

Orbán said the government had had to formalise its cooperation with NAK and Magosz “because when the left came back into power, it came with a cost to rural Hungary”. He said it was therefore in the farm sector’s fundamental interest to “keep the left far away from agriculture policy” and government.

Orbán said while the output of the agricultural sector had declined by 20 percent and that of the food industry by 16 percent between 2004 and 2010, they had increased by 29 percent between 2010 and 2020, while value added per one hectare of farmland had risen by 45 percent.

Hungary’s farm sector saw the fastest growth in the EU between 2010 and 2021, with its profitability doubling in the period, the prime minister said.

Also, while Hungary in 2010 had 40 billion forints (EUR 104,000) to spend on new agricultural machinery, by 2020, it could spend 256 billion, he said, adding agricultural exports last year were up more than 10 percent compared with 2020.

Meanwhile, he said the government was spending more than 600 billion forints on developments as part of its Modern Cities scheme and spending on village development also exceeded 600 billion forints over three years.

Turning to the future, Orbán said farmland had to be under Hungarian ownership.

The prime minister said that the government would increase co-financing for agricultural subsidies from 17.5 percent to 80 percent. This means that counting EU funding and private investment, the agricultural sector will receive a total of 9,000 billion forints in support, he said.

“If this won’t be enough to modernise Hungarian agriculture then nothing will,” Orbán said, adding that “this is the last historic opportunity”. “If we don’t take this opportunity, our competitors will fly past us.”

He said this amount of support should be enough to have 80 percent of the country’s agriculture and food industry under Hungarian ownership. If 20 percent of the food industry is in foreign hands and 80 percent in Hungarian, then it’s possible to have 80 percent of the food that’s consumed be Hungarian, the prime minister added.

Orbán said that in order for rural Hungary to survive, all districts in the countryside must enjoy the same civilizational achievements that are present in cities.

Rural Hungary needs proper jobs, good public education and health care, leisure activities, quality roads and internet access. In its agreement with the agricultural organisations, the government has undertaken to ensure that no one should have to commute more than an hour a day to have a European quality of life, he said.

Hungary can and will be “the winner of the future” if it puts its two most important natural resources, farmland and water to good use and builds a self-sufficient economy, Orbán said.

He told the participants of the congress not to “let the city folk . talk us out of building Paks II”.

Orbán also talked about the need to preserve the majority Hungarian ownership in Hungary’s banking system and encouraged those in attendance to buy government securities.

As regards the election, the prime minister expressed hope that in the long run political and partisan affiliation would be passed down within families, “so that after some time, one would not have to think about how one votes because they would vote the same way their parents and grandparents had done”.

Citizens learn how to use weapons in Ukraine
Read alsoHave Hungarians started to buy a lot of weapons!?

Hungary’s largest hotel was opened for refugees from Ukraine

Danubius Hotel Hungaria

After several years of a tense relationship between the countries, Russia had decided to launch a military assault against Ukraine last week, shocking the world with the decision.

Background

Following the attack, tens of thousands of people have started fleeing from war-struck Ukraine to neighbouring countries, including Poland, Slovakia, and Hungary.

Since many Hungarians live in Ukraine, during the first wave, mostly people with Hungarian citizenship have arrived over the border, but since then, more and more people from the Ukrainian mainland also joined the refugees fleeing to Hungary.

According to the report of Hungarian authorities, some 104,000 people have fled to Hungary so far, but the UN predicts over 250,000 refugees before the end of the war.

Refugees in Hungary

Many refugees were taken by trains to the capital and were offered help by Hungarian people and the leadership of Budapest as well.

It came to the attention of Hvg that, in order to help provide accommodation for refugees,

Danubius Hotel Hungaria, the hotel right next to Keleti Railway Station and the one with the most rooms in Hungary, has reopened to take in refugees from Ukraine.

According to the hotel, they only planned to reopen next month, but considering the current situation, they have joined the help of refugees and, by mobilising the company staff, they successfully reopened the hotel to help refugees.

The hotel awaits refugees through partner organisations, and they are even provided the possibility to have meals in the hotel. The company is prepared to provide rooms for the coming weeks.

Industry complications

On another note, the war in Ukraine has caused problems and shortages in several sectors of the economy of many countries. One major factory that will be affected is the Audi factory in Győr.

According to Telex, the factory can fulfil all orders this week, but their operation is not assured next week. Since the factory is one of the major engine manufacturers for the Volkswagen Group, this could affect several brands under the Volkswagen Group.

The news outlet reports that the factory is purchasing cables for their engines and textiles for car seats from Ukrainian suppliers.

To the question of Telex, Audi Hungaria replied that they are already experiencing shortages in supplies, but thanks to their own reserves, they were able to continue production so far.

Volkswagen has announced that their factories in Zwickau and Dresden were unable to continue production from Tuesday and Wednesday respectively.

Read also Hungarian Wizz Air offers 100,000 seats for Ukrainian refugees

Hungarian minister meets Electrolux, Ericsson heads in Stockholm

sweden swedish flag hungary flag

Swedish investments are bringing future technologies to Hungary while contributing to the country’s long-term growth, Péter Szijjártó, the minister of foreign affairs and trade, said after meeting executives of Electrolux AB and Ericsson in Stockholm on Tuesday.

The 170 Swedish companies currently employing over 150,000 people in Hungary are important players in the transformation of its economy, and their cutting-edge technologies are an important factor in its future success, he said.

“Hungary’s government has created a friendly tax environment, and it supports investments that attract investments with high value-added, cutting-edge technologies, and large R and D content to Hungary,” he said.

Electrolux, which has been present in Hungary for thirty years, is embarking on its largest investment yet in Nyíregyháza, in eastern Hungary, where a 35 billion forint (EUR 98m) development will create a plant manufacturing smart fridges, he said.

Ericsson is developing a 6G network with the help of its engineering team in Hungary, and continues to bring R+D capacities to the country, he said.

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Foreign Min: 2021 the most successful year since 1990

Car Factory Economy Industrial

Last year was the most successful the Hungarian economy has seen since the fall of communism, Foreign Minister Péter Szijjártó said in Debrecen, eastern Hungary, welcoming the progress of the BMW plant under construction in the city.

Last year, the economy expanded by over 7 percent while investments, employment and exports hit record highs, he said on Friday.

The year 2022 is expected to bring further success, with many constructions works on the agenda. BMW’s new plant, a 360-billion-forint (€ 1 billion) investment, is slated to start construction works this year, he said.

The plant, which will create 1,000 new jobs, will start manufacturing a new fully electric model in 2025, he said.

The new plant will make Hungary the third country in the world, besides Germany and China, to house plants from all three top German car makers and will boost Hungary’s global leading position in the transition to electric car manufacturing, he said.

“Thanks to the patriotic economic policy of the past 12 years, and to its symbiosis with German premium car manufacturers, Hungary’s economy has become one of the most dynamic in the European Union,” Szijjártó said.

Hungary’s competitive investment environment is based on political stability, an excellent work force and the lowest payroll taxes in Europe, he said.

German-Hungarian trade volume also hit a record 60 billion euros last year, he said.

Should the ruling Fidesz-Christian Democrat (KDNP) alliance retain power at the April 3 election, “we will carry on with an economic policy based on tax cuts and the investment and job support,” he said.

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