Hungary Can Become Key Player in Space Industry, Claims Econmin

  • 7 May 2024 1:57 PM
  • Hungary Matters
Hungary Can Become Key Player in Space Industry, Claims Econmin
Hungary’s economic ecosystem, infrastructure and intellectual capital make the country capable of becoming a crucial player in the space industry, the national economy minister said in Martonvásár, on the outskirts of Budapest.

Hungary’s satellite production capability is not just an economic and security matter, but also one of sovereignty, Márton Nagy said at the ground-breaking ceremony of listed 4iG and space engineering company REMRED’s space technology production centre.

Nagy said the space industry had a “bright future ahead of it”, noting it was one of the world’s fastest-growing sectors in addition to being considered crisis-resistant.

Citing estimates, he said the value of the global space economy could grow to 1.8 trillion dollars by 2035 from its value of 630 billion dollars last year.

 4iG and REMRED’s investment of more than 10 billion forints (EUR 25.6m) in the new production unit will create at least 85 high value-added jobs, the minister said.

Meanwhile, Szijjártó: Hungarian Economy Ready for Paradigm Shift

Hungary’s economy is ready for a new paradigm shift towards broadening research and development and boosting its technological level, Péter Szijjártó, the minister of foreign affairs and trade, said on Monday after meeting senior Microsoft executives.

In a post on Facebook, Szijjártó thanked the executives for Microsoft’s activities in Hungary and for providing high-level job opportunities for more than one hundred people.

He referred to the “vast strides” Hungary’s economy had taken in the past 14 years, with constant new records broken in investment, exports and employment.

Szijjártó said the next level of development would entail speeding up digitalisation, increasing the workforce in technology-related areas and improving training, adding that in these endeavours Hungary counted on Microsoft as a strategic partner.

At the meeting, the officials assessed the European Union’s competitiveness challenges, and they were in agreement that various regulatory changes were needed in Brussels to ensure the bloc’s competitiveness, the minister said.

Szijjártó: Govt Aims to Turn Hungary Into Europe's Most Innovative Economy

The government is focusing on a paradigm change in the Hungarian economy, and on transforming Hungary into the most innovative economy of Europe as swiftly as possible, Péter Szijjártó, the minister of foreign affairs and trade, said, announcing German-owned software developer Evosoft’s 3.4 billion forint (EUR 8.7m) investment in a new R&D project developing the effectiveness of installing production lines.

The project has received a 682 million forint government grant and will create 75 jobs, 57 of them in Budapest and 18 in Miskolc, in north-east Hungary. Evosoft, a member of the Siemens Group, operates several R&D facilities in the region, and Hungary won the investment amid stiff competition, he said.

German companies remain the largest group of investors in Hungary, with some 21% of all investments linked to German companies, he said.

Germany is also Hungary’s largest trading partner, with bilateral trade surpassing 70 billion euros last year, he said.


You're very welcome to comment, discuss and enjoy more stories, via our Facebook page: + via XpatLoop’s groups: Budapest Expats / Expats Hungary

You can subscribe to our newsletter here:

Do you want your business to reach tens of thousands of potential high-value expat customers?
Then just contact us here!

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.