Labor & Education

Hungarian government dedicated to job-creating investment

The government's task is to ensure that Hungary stays out of recession and continues to grow.

Speaking at the Huawei European Innovation Day, Minister of Foreign Affairs and Trade Péter Szijjártó said that Europe is rushing into economic recession and the continent is facing a serious security crisis.

He said that the only way to keep the Hungarian economy on a growth path in this recessionary environment in Europe is to be able to attract job-creating investments to Hungary and raise the technological level of the Hungarian economy.

The minister stressed that Chinese companies are proving to be excellent partners in these efforts and are supporting the government through their investments in this difficult economic situation.

He stressed that 70 percent of the investments made in the world are backed by Eastern companies and Eastern capital, while 30 percent are backed by Western investment.

China’s CATL will produce batteries in Hungary (Debrecen) due to the largest domestic investment ever and one of the largest in Europe. At the same time, Huawei’s research center in Budapest and its logistics center in Biatorbágy are particular advantages.

The minister recalled that the Chinese telecoms company has been present in Hungary for 15 years and is the first Chinese company with which the government signed a strategic agreement.

Cooperation with the company is a clear sign of Hungary’s openness to innovation, new ideas, and dialogue based on equality and mutual respect, as well as its value-creating work, Szijjártó said.

He also pointed out that last year the government spent around HUF 1 trillion on research and development. There are today more than 3,600 research centers in Hungary and more than 90,000 people working in R&D.

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