State Secretary for Bilateral Relations Tamás Menczer stated that Hungary’s foreign policy is built on mutual respect. Italy is an important partner, and there is a mutual interest in further developing our relationship. State Secretary Menczer spoke at the inauguration of a new plant for the Hungarian building material manufacturer Masterplast in Calerno, Italy, built by an investment of €3 million, on Monday, 28 November.
This year, Hungary is set to break both investment and export records,
with incoming foreign direct investment doubling from the previous year to €13 billion, and Hungarian exports increasing from €142 billion in 2022 to €150 billion.
Addressing the situation in Ukraine, he reiterated the stance of the Hungarian government that a ceasefire and peace negotiations are necessary, emphasizing that there is no solution on the battlefield, only casualties, and the resolution must be found at the negotiating table.
Regarding immigration, he highlighted that both Hungary and Italy are well aware of its dangers, risks, and challenges. The Hungarian model can be summarized briefly: no one can enter without proper permission, and all immigration requests must be submitted and processed outside the EU borders. He asserted that adopting the Hungarian model across the entire European Union would also relieve Italy.
Discussing the economy, he emphasized that Hungary was facing sovereign default 13 years ago. Since 2010, the government has contributed to job creation by supporting investments, and these investments have also increased exports.
Regarding the greenfield investment by Masterplast, he highlighted that the company is the market leader in Central Europe in insulation manufacturing
and is also among the best in the whole of Europe. Menczer expressed pleasure in the presence of strong Hungarian companies capable of conducting investments abroad. Masterplast plays a significant role in the laying-out strategy and is a key export partner for the government.
President and CEO of Masterplast Dávid Tibor emphasized the historic significance of the investment, as no Hungarian company has launched a new manufacturing base in Italy since the regime change. He indicated that the company would further expand its insulation manufacturing base in the country.
According to the company’s statement, thanks to the insulation programme launched in recent years, the Italian market has expanded significantly, and they anticipate robust demand due to the low energy efficiency of a significant portion of the building stock, which remains uninsulated. The company forecasts a revenue increase of €15 million with the full capacity of the new manufacturing base. Masterplast carried out the three-million-euro investment project using its own resources and utilizing local investment incentive opportunities.
The market activities of the Italian subsidiary primarily focus on trading in its own-manufactured insulation products, supported by the establishment of an efficient sales and logistics system. It was highlighted that Masterplast already conducts manufacturing activities in five countries, and the company’s insulation manufacturing capacity has tripled in the last two years through recent developments.
In 2022, Masterplast’s revenue increased to €201.8 million from the previous year’s €191.5 million,
while its net profit decreased from €16 million in 2021 to €15.7 million. The company’s shares are traded in the premium category of the Budapest Stock Exchange (BÉT), closing at 2,570 forints on Monday, and fluctuating between 2,250 and 4,100 forints in the past year.