“Huge Record”: Hungary Received 6.5 Billion Euros in Foreign Investment
- 5 Jun 2023 9:17 AM
- Hungary Matters
The confidence of foreign investors in Hungary “seems to be unbroken” despite “all the attacks, emotional blackmail and hysteria-mongering”, helping Hungary maintain its economic growth, the minister of foreign affairs and trade said.
Péter Szijjártó spoke at a project launch by Austria’s plywood maker KRONOSPAN-MOFA, and said the group would increase its capacity at its plant in Mohacs, in southern Hungary, using a budget of 2 billion forints (EUR 5.4m).
He added that the Hungarian government was supporting the project with a grant of 286 million forints, “helping to preserve 230 jobs”.
Szijjártó said Hungary had seen 6.5 billion euros in foreign investment last year, which he said was a “huge record”.
He added, however, that last year’s record had been broken in the first half of 2023, while greenfield developments had shrunk by 15% elsewhere in the European Union.
Concerning the wood processing industry, which employs 16,000 people in the country, he said it had also broken a record last year, increasing by 26% and its earnings nearing 600 billion forints.
Austria is Hungary’s third largest trading partner, with bilateral trade increasing by 37% in 2022, to a total turnover of a record 17 billion euros, the minister added.
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