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Economy & Policy

Stable German relations will ensure development of Hungarian industry

Strong bilateral economic relations and R&D opportunities are of paramount importance for the development of the Hungarian economy.

Among the German states, Stuttgart-based Baden-Württemberg is the second most important partner in terms of trade turnover and the third largest investor in Hungary.

Invited by German industry leaders, Minister of Technology and Industry László Palkovics, who also holds the co-chairmanship of the Hungarian-Baden-Württemberg Joint Economic Committee, was the first to give a farewell speech at a dinner in memory of the recently deceased economics professor Péter Horváth in Stuttgart on Saturday. 

The event was attended by the heads of several major German companies, including Horváth AG, Robert Bosch GmbH, Henkel AG, and Kärcher, as well as the mayor of Stuttgart and representatives of several leading German universities.

In his speech, the minister stressed that strong bilateral economic relations, including in the automotive industry, and the exploitation of opportunities for research and development cooperation are of paramount importance for the development of the Hungarian economy.  

Regarding the automotive industry, Palkovics recalled that the European Union’s Environment Council decided that the phasing out of internal combustion engines from 2035 is not necessary due to the introduction of synthetic fuels. This is a great achievement, as it will help to protect the combustion engines on which the Hungarian and German car industries are based. The annual output of the car industry is equivalent to 25 percent of GDP, he added

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