Speaking at the inauguration ceremony of the new factory of Swiss Omya in Eger, Minister of Foreign Affairs and Trade Péter Szijjártó stated that the confidence of international companies in Hungary’s economy remains unbroken, as evidenced by the fact that the record-breaking €6.5 billion foreign investment of last year has already doubled in 2023.
The Swiss-owned company, engaged in mineral mining and processing, has established a new granulation plant with an annual capacity of 70,000 tons.
The Hungarian government contributed €260 million to the €5.7 billion investment. The new facility will require a more highly skilled workforce than before, and the products produced here can significantly contribute to improving agricultural productivity both in Hungary and abroad, Szijjártó explained. He emphasized that Europe is currently facing the most severe challenges of the past six to seven decades, having experienced a series of crises over the last ten to twelve years. These crises began with the financial crisis in the United States, followed by its impact on the real economy, an influx of immigration, and then a health crisis of unprecedented proportions.
Szijjártó credited Hungary’s resilience in navigating these crises to the
maintenance of its economic policy concept focused on a labour-based society.
He stressed the primary goal of ensuring that as many people as possible are employed. Therefore, the success of the Hungarian economy depends on how much investment can be attracted to Hungary.
He reminded that even during the coronavirus pandemic, the government did not abandon this approach and launched one of the country’s most robust investment incentive programmes. As a result, Hungary found itself in an exceptional position, with more people employed in the country after COVID-19 than before. It could also boast having had its most successful year in terms of employment, investments, and exports in 2022.
Szijjártó underscored the pivotal role of investments, pointing out that this year, Hungary is set to double its investments compared to the record year of €6.5 billion in 2022. This development unequivocally demonstrates that international trust in Hungary, its economy, and its workforce is unbroken, he declared.
He welcomed the fact that the new plant marks the third Swiss corporate investment announced in just one and a half weeks. Switzerland’s companies now constitute the 11th largest investor community in Hungary, providing employment to nearly 31,000 people through around a thousand firms. Additionally, bilateral trade between the two countries exceeded €2 billion last year.
Sources: Hungarian Conservative/KKM/MTI