Hungary has Europe’s most successful investment support system, as demonstrated by the fact that, despite management errors in Brussels, investments worth over ten billion euros were brought to our country in 2023 and 2024, said Péter Szijjártó, Minister of Foreign Affairs and Trade, on Monday in Budapest.
The minister underlined at the announcement of Aero Space Power’s latest investment that the Hungarian-owned company, which repairs civil aircraft, is implementing an expansion project worth more than HUF 2 billion (EUR 5 million) at its site in Kisvárda (northeastern Hungary), for which the state is providing HUF 500 million (EUR 1.3 million) in support, thus helping to increase the number of employees to over two hundred.
In his speech, he explained that the company has developed aircraft parts and turbine repair capabilities that are unique even on a global scale, with the recognition of Chinese, American, and European aviation authorities.
“In a significant proportion of the aircraft flying around the world, we are sure to find turbine parts that have been repaired in Kisvárda,” he said.
In the Hungarian economy, we must always particularly value those companies that have unique capabilities and capacities on a global scale, that are among the best in their sector worldwide, and we can say without exaggeration that Aero Space in Kisvárda is one of the best aircraft turbine repair companies in the world,”
he added.
Péter Szijjártó emphasized that seismic political and economic changes are taking place around the world, while at the same time Europe’s competitiveness has deteriorated dramatically as a result of serious management mistakes in Brussels.
“This presents us with an important task, namely to shield the Hungarian economy as much as possible from the negative effects of poor decisions made in Brussels,” he said.
He then went on to emphasize that Hungary’s competitiveness rests on three pillars: secure energy supplies, competitive Hungarian companies, and an effective investment support system.
Elaborating on these, he reported that, taking into account geographical conditions, the government has built the safest and most versatile energy supply system possible by adding Western sources to the Eastern sources that have existed for decades through long-term contracts.
This means that families in Hungary will continue to pay the lowest utility costs in Europe in the future, and companies will also have access to a secure and affordable energy supply,”
he noted.
He also welcomed the fact that 23 Hungarian companies received a total of HUF 251 billion (EUR 645 million) in investment support from the government last year. “Never before has there been such a thing in a single year,” he said.
He also called the Hungarian system the most successful investment incentive system in Europe, which, in his words, is proven by the fact that in 2023 and 2024, investments worth over ten billion euros were brought to Hungary.
The minister pointed out that over the past eleven years, Aero Space Power was the 1,119th Hungarian company to receive investment support from the government, and these companies made investments totaling HUF 2,400 billion (EUR 6.2 billion), creating approximately 14,000 new jobs.
Finally, he explained that the annual industrial production of Szabolcs-Szatmár-Bereg County has increased by 140 percent since 2014, from HUF 710 billion (EUR 1.8 billion) to HUF 1,700 billion (EUR 4.4 billion).
He added that this clearly shows the development of the region, which was greatly contributed to by the fact that during this period, 114 large investments were made, creating 11,000 jobs with the financial assistance of the government, worth HUF 930 billion (EUR 2.4 billion).
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Via MTI; Featured photo: Facebook/Szijjártó Péter
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