Hungarian Conservative

The 24th China International Fair for Investment and Trade, which opened on Sunday, features a significant Hungarian presence. The event presents an excellent opportunity for Hungarian companies to attract the attention of investors, according to a statement by the Ministry of Foreign Affairs and Trade.

Hungarian energy drink company HELL sued Forbes Hungary in 2019 to prevent the publication of its owners’ personal information in the magazine’s annual special edition listing the 50 richest Hungarians. A temporary court order required the publisher to recall the issue, and remove the names of the owners from the magazine’s online platform. Despite this precedent, Forbes has recently published an article which featured the personal data of the owners, accompanied by what the company describes as ‘sensationalist and ad hominem comments in a tabloid style’.

During his recent visit to China Minister of National Economy Márton Nagy highlighted the importance and role of establishing contact with companies that, beyond battery recycling, actively support the implementation of sustainable and environmentally friendly recycling technologies, as well as the increasing of the proportion of recyclable materials in batteries.

In the process of international expansion, many fundamentally successful businesses and start-ups falter. What is the reason and how can companies successfully break into foreign markets? These were the questions addressed in a vibrant panel discussion on the second day of this year’s MCC Feszt.

The munitions manufacturing facility at the Várpalota Defence Industrial Complex, operated in partnership with German Rheinmetall, will contribute to reducing Hungarian dependence on supply chains, Minister Szalay-Bobrovniczky stated at the inauguration ceremony on Monday.

The Minister highlighted that this is the first expressway tunnel in Hungary to be realized purely through state investment. Following the trial operation of the Bécsi Hill tunnel, part of one of the largest domestic road construction projects of the year, and after the traffic authorization, soon 11 expressways will reach the national border. In 2010, there were only three.

The Gloster Group announced on Wednesday that it won BMW’s €15 million industrial software development contract through a multi-round international tender.

The Veszprém Zoo is characterized by conscious and continuous development, expanding year by year. The new big cat enclosure was realized with funds from the government’s Modern Cities Programme.

The value of the three-part investment is HUF 26 billion, with the government providing approximately HUF 900 million in support, Minister of Foreign Affairs and Trade Péter Szijjártó announced on 23 May. The minister highlighted at the inauguration ceremony of Siemens Energy Ltd’s new plant that the German conglomerate will manufacture gas turbine burners in its new multifunctional facility and establish a dual training centre there, equipping Hungarian professionals with the knowledge needed for using the latest technologies.

Prime Minister Viktor Orbán stated that Hungary needs economic relations, not ideological ones, with both East and West in terms of future high technologies.

Hungary is the most attractive investment location in the Eastern Europe and Central Asia region according to Site Selection Magazine’s Global Best To Invest. In recent years, Hungary has experienced a significant surge in investment from Eastern countries, particularly China, while Germany continues to be one of the top investors in the country.

Schaeffler Savaria Ltd, a manufacturer of automotive components, has expanded its site in Szombathely with a logistics hall covering an area of ​​6,200 square metres and an office building of 2,200 square metres. The new facility includes meeting rooms, changing rooms, and a conference centre suitable for hosting international events.

Márton Nagy stated that Hungary’s satellite manufacturing capability is not only an economic and security matter but also a question of sovereignty. He noted that the sector has a bright future ahead as the space industry is one of the world’s fastest-growing and, according to international surveys, most resilient industries, with its value projected to reach $1.8 trillion by 2035, up from $630 billion in 2023.

Speaking in Szolnok, State Secretary for Education Zoltán Maruzsa noted that notebooks are distributed at more than 3,000 distribution points not only in state institutions but also in church, minority, municipal, and foundation schools. In Jász-Nagykun-Szolnok County alone 4,499 laptops of the total 193,000 will be handed out at sixty-two distribution points.

The global credit rating agency expects Hungary’s ‘fiscal slippage’ in 2023 to be temporary, and projects the country’s GDP to grow by 2.6 per cent in 2024, after it shrank by 0.5 per cent in 2023.

The recent signing of a military and defence industry cooperation agreement between Hungary and the United Arab Emirates introduces a new dimension to their bilateral relations. Hungary’s status as a NATO member, combined with the UAE’s robust partnership with the alliance, suggests that this agreement may lead to a more pronounced role for Hungary in security collaborations between NATO and the Gulf region.

Headquartered in Austria, Gebrüder Weiss Holding is a global, full-service logistics company employing approximately 8,600 people and operating 180 facilities. Their new 10 billion HUF investment, a logistics complex equipped with state-of-the-art technologies, was handed over on Thursday in Dunaharaszti.

In the first two phases of the nationwide laptop programme launched in 2022, 260,000 portable computers were provided free of charge to upper-grade students, teachers, and educational institutions. From this week until the beginning of the summer break, an additional nearly 194,000 devices will be distributed, while starting from autumn 2024, current fourth and eighth graders will be next in line.

A Ministry of National Economy statement released on Wednesday confirmed that the repurchase of the Ferenc Liszt International Airport continues to progress as scheduled, as opposed to press rumours.

The signed contract consists of a basic order for nine vehicles and options for up to four additional vehicles. GYSEV has three months from the contract’s start to decide how many option trains to order from Stadler.

Head of Rheinmetall Power Systems division Christoph Müller noted at the ceremony that Szeged will be the group’s first hybrid site, where the civil business and defence technology activities will operate under one roof. The initial step will be the construction of a 15,000 square metre plant on the 85,000 square metre area adjacent to the ELI ALPS laser research centre, providing jobs for three hundred highly skilled professionals.

Minister for National Economy Márton Nagy presented the new competitiveness strategy for 2024⁠–⁠2030 adopted by the government at a press conference held in Budapest on Monday. According to him, economic growth between 2 to ⁠3 per cent is expected this year.

The once-forgotten, dusty, and dilapidated sites of Hungary are gradually reopening, providing entertainment, culture, and educational opportunities for visitors and income from tourism for local residents.

Following talks with his Thai counterpart, Minister of Foreign Affairs and Trade Péter Szijjártó revealed that tourist traffic between the two countries has doubled, with more than 10,000 Thai tourists visiting Hungary last year, while more than 30,000 Hungarians travelled to Thailand.

At a press conference titled Park City or Rákosdubai, Budapest Mayor Gergely Karácsony stated that in April they will launch a month-long online voting process where every Budapest resident over the age of 14 with a registered address can express their views on the investment plans for Rákosrendező.

The two-hundredth aircraft has arrived at Wizz Air, reducing the average age of the airline’s fleet to 4.2 years. The new Airbus A321neo model is joining the London–Luton airport base, the company announced.

According to the announcement, during restoration work in the Veszprém Castle, a painting showing the Evangelist Luke was found in the St Emeric Church, while a figure depicting an Austrian soldier was discovered in the Tejfalusy House, a building that previously functioned as a canonry.

The Hungarian Post issued its eleventh stamp series featuring motifs from the Chinese horoscope, celebrating the upcoming Year of the Dragon, which commences on 10 February.

The agency expects substantial foreign investments in battery production to further attract funding, leading to increased job creation, technological advancements, and enhanced exports. Scope Ratings emphasized that Hungary’s BBB credit ratings are reinforced by the robust structure of external and public liabilities.

In his remarks at an economic conference held in Sopron on Saturday, Government Commissioner for the Development of Modern Settlements Alpár Gyopáros emphasized the pivotal role of villages in shaping the future of Hungary, citing their ability to provide a quality of life and a sense of community that urban environments often lack.