Commercial turnover between Hungary and Germany set to reach record

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Trade turnover between Hungary and Germany is expected to reach a record high and exceed € 60 billion this year, Foreign and Trade Minister Péter Szijjártó said on Friday in Szombathely, west of Hungary, where he attended the inauguration of a new Schaeffler group plant.

The German conglomerate’s plant will manufacture parts related to electromobility, and create 200 new jobs, Szijjártó said. The government supported the investment of 23.5 billion forints (67.1 million euros) with a subsidy of 5 billion forints, he added.

Schaeffler currently has 3,000 employees in Hungary, he said.

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Minister of Commerce: Bavarian companies to invest HUF 45 billion in Hungary

Minister of Commerce: Bavarian companies to invest HUF 45 billion in Hungary

Bavarian companies are about to invest some 45 billion forints (138.1 million euros) in Hungary, Foreign Minister Péter Szijjártó said on Wednesday, after talks with business leaders in Munich, in Germany. Szijjártó met with representatives of gas giant Linde and automotive supplier Schaeffler. He met with Hubert Aiwanger, Deputy Prime Minister of the German region and […]continue reading

The electric car industry “is the future,” Szijjártó said at the event. Hungary has registered 34 significant investments in the sector over the past five years, he said. It is also the 13th largest exporter of auto parts in the world, with advanced technology that continues to attract new investors, he said.

Szijjártó called Hungarian-German economic relations a “success story”, noting that some 6,000 German companies employ 300,000 Hungarians.

Featured photo via Szijjártó’s Facebook page

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