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Hungary's Economic Recovery Set to be Europe's Fastest

• 5 Jul 2021 1:44 PM
• Hungary Matters

Hungary’s economic recovery will be Europe’s fastest, Péter Szijjártó, the minister of foreign affairs and trade, said on Friday, announcing a local investment.

“We’ve succeeded in defeating the third wave in Hungary, enabling us to lift restrictive measures and reopen the country, thanks to our rapid vaccination campaign,” Szijjarto told a press conference in connection with Mono-Ipolyfabric Kft, a company that designs, develops and manufactures interior decorative elements for luxury cars.

The 6.1 billion forint (EUR 17.4m) investment will create 100 new jobs in Ipolytölgyes, and the government is providing 1.9 billion forints in support. Mono-Ipolyfabric currently has 700 employees.

Referring to a new global realignment of economic capacities, he said: “To win this competition, we must attract as many investments as possible to Hungary.”

The new state-of-the-art manufacturing plant in northern Hungary, which includes a research and development centre, will supply Jaguar, Mercedes, Lamborghini and Porsche. Fully 99% of Ipolytölgyes’s products are for export, he noted.

“This will help us achieve our target of an economic growth rate of 5.5% by the end of the year; our top strategic goal right now,” Szijjártó said.

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