The ownership rights were earlier exercised by the defence ministry. The change is in line with the government strategy to achieve a more organic integration of the defence industry and related R+D activities into the national economy, the ministry said in a statement.

The ministry said one of the main goals was to ensure that defence industry companies, in cooperation with strategic partners, are able to meet the future development needs of the Hungarian Armed Forces and enter the international market, thereby guaranteeing the industry’s long-term future.

It said the development of a competitive defence industry was a matter of sovereignty and a priority strategic goal.

The ministry also noted the defence industry’s growing contribution to Hungary’s economic growth. Ferenc Antal, an economist and lawyer who was earlier manager at Deloitte Switzerland’s advisory practice, has been appointed CEO of N7 as of August 1.

His task will be to develop and implement the corporate governance principles that ensure successful operation along the lines of Hungary’s defence industry strategy, the ministry said.

Meanwhile, Air Traffic Control Company Hungarocontrol Under Ministry Oversight

The National Economy Ministry has taken over oversight of air safety company HungaroControl from August 1, the ministry said. The company’s strategic aim is to create and maintain a safe and continuous flow of air traffic, the ministry said.

Under the instructions of National Economy Minister Márton Nagy, further priorities include “a significant improvement of domestic air travel, closer cooperation with the European support organisation Eurocontrol, and a more effective representation of Hungarian interests,” the ministry said in a statement.

It will also work to stabilise transit traffic in Hungarian air space “at a manageable level”, and to review and, if necessary, modify its prices, it said.

The ministry has appointed former Malév marketing director Ferenc Turi as HungaroControl’s CEO from August 1.

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