Hungary is the world’s 34th biggest exporter, even though it is just the 95th biggest country in terms of population.
Boglárka Illés, the deputy state secretary for bilateral ties at the Ministry of Foreign Affairs and Trade, said exports and investments pave the way for Hungary’s economic success.
Speaking at a conference organised by business news publications Figyelő and Világgazdaság in Budapest on Monday, Illés noted that Hungary is the world’s 34th biggest exporter, even though it is just the 95th biggest country in terms of population. Hungary’s stable economic environment and low taxes have also attracted investments, producing a record FDI of EUR 13bn last year, she added.
Those investments were made in 19 branches of industry, showing the high level of diversification of the local economy, she said.
Illes acknowledged the work of the Hungarian Investment Promotion Agency (HIPA) to support over 2,000 investment decisions with a combined value of HUF 18,420bn — complemented by more than HUF 2,000bn in state support — over the past ten years. Those projects have created 156,000 jobs, she added.
Investments such as ones by battery makers CATL and EcoPro are set to start production in 2025, she said.
Hungary’s government aims to support Hungarian SMEs’ ability to develop their own products and services and to integrate into the value chains of multinational companies, she said. She also pointed to the success of companies such as MOL, OTP Bank, Gedeon Richter and Beres in foreign markets.
Illés said the Hungarian Export Promotion Agency (HEPA), had helped over 6,000 Hungarian businesses weigh their entry into foreign markets since its establishment in 2014. At least 12,000 Hungarian companies have the potential to sell their products and services abroad, she added.
