Briefing notesEconomy & Policy

All necessary agreements are in place for Hungary after Brexit

Hungary is interested in the closest possible bilateral cooperation with Great Britain.

All the agreements needed to settle the terms of post-Brexit cooperation have been reached with the UK, Minister for Foreign Affairs and Trade Péter Szijjártó said after meeting with PM Boris Johnson.

The foreign minister, who attended a formal meeting with British PM Boris Johnson together with PM Orbán, said that Hungary is interested in the closest possible bilateral cooperation with Great Britain.

There are two strategically important areas for the two countries: the energy industry and the defense industry. 

Szijjártó recalled that Shell was the first non-Russian energy company with which Hungary had concluded a long-term gas purchase agreement. The Hungarian government is working together with Shell to further expand that cooperation so that Hungary can import as much gas as possible through Shell.

We now have a six-year contract to buy one and a half billion cubic meters of gas, the minister said.

Defense industry cooperation is first and foremost about security, as the two countries are members of the same federal defense system; significant developments in the defense industry are taking place in Hungary and will continue in the future, the minister stated. According to Péter Szijjártó, British companies can play an important role in joint development, joint research and joint manufacturing activities.

Investment cooperation is another important and close link between the two countries, with some 900 UK companies in Hungary employing more than 50,000 Hungarians. 

Six British companies received support under the Hungarian government’s investment promotion program as well to prevent mass unemployment, the FM noted.

Cooperation between Central Europe and Britain has also been important within the context of the European Union; this has been particularly important politically and will continue to be so, regardless of the fact that the UK has left the EU, the minister stressed. 

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