Economy

Japanes companies mull investing hundreds of billions of forints in Hungary

May 14, 2019, 3:15 pm  english version Hungarian version  
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An administrative state secretary of Hungary’s Ministry of Foreign Affairs and Trade has held talks with Japanese companies that plan investments worth several hundred billion forints combined.


Levente Magyar said on Tuesday that several companies operating in the automotive and renewable energy sectors have started official talks with Hungary about terms and objectives of their potential investments in the country.

He noted that more than 160 Japanese companies operate in Hungary, and they bring outstanding added value to the local economy, particularly in industries that are affected the most by the transformation labelled as the fourth industrial revolution. Japan is the home of technological developments, and the companies setting up shop here adopt these technologies in Hungary, as well.

The situation of Hungary’s food exports was a key subject at the talks held in Japan, said Magyar. He reminded that the sector suffered great damages in the last few years, mainly over the swine flu and the bird flu.

Japan is the largest Asian export market for Hungarian food products. As Hungary wants to improve the relationship also in this area and expand the co-operation with the island country, it is conducting negotiations with large Japanese food consumers, e.g. restaurant chains on the supply of Hungarian raw materials, as they could purchase large quantities. This would be a major help for local producers and the Hungarian processing sector, added Magyar.

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