“Bavarian enterprises are preparing to invest 45 billion forints (EUR 138 million) in Hungary in the short term”, Minister of Foreign Affairs and Trade Péter Szijjártó said on Wednesday in a telephone statement to Hungarian news agency MTI from Munich, where he held talks with the leaders of Bavarian companies.

“Thanks to the lowest tax rates in Europe, our highly-trained workforce and the quality of our higher education system, Bavarian enterprises continue to have an extremely high level of confidence in Hungary”, the Minister declared. Mr. Szijjártó highlighted the fact that the success of the Hungarian economy depends to a major extent on Bavarian economic processes, in view of which it is in Hungary’s interests for Bavaria to be successful so that Bavarian enterprises continue to realise investment projects in Hungary.

“It is in Hungary’s interests for Bavarian enterprises to realise the technological development projects made necessary by the new global economic era in Hungary”, he added. “Bavarian enterprises continue to view Hungary as a place where it is worth investing. They regard us as a place where political calculability, a secure legal environment and favourable investment conditions are a given”, the Minister underlined.

Mr. Szijjártó met with representatives of Linde, the world’s largest industrial gas producer, and the regional leaders of automotive industry parts supplier the Schaeffler Group. He held talks with Bavarian Minister of Economic Affairs, Regional Development and Energy Hubert Aiwanger and will be meeting with the Vice President of Siemens Mobility, which has interests in the rail sector.

The Hungarian Minister of Foreign Affairs and Trade will be holding talks with the owners of the Ózd Steel Works and with BMW’s head of manufacturing Oliver Zipse, who is being mentioned by the German press as a possible successor to the company’s retiring President and CEO.

The Minister explained that these enterprises are planning to bring new investment projects to Hungary thanks to which they will be developing the technological advances that are appearing as a necessary prerequisite in the new global economic era in Hungary and will be applying them first in Hungary.

“These investment projects will be creating thousands of high added value workplaces in Hungary that represent a high level of technology”, Mr. Szijjártó emphasised. The Minister pointed out that Hungary is Bavaria’s 10th most important trade partner, with 5 percent of Bavarian imports coming from Hungary. He highlighted the fact that trade flow between Bavaria and Hungary was 14 billion euros last year, and that 35 percent of German exports to Hungary arrive from Bavaria.

The Minister also felt it important to stress that Bavarian enterprises have already realised some 8 billion euros in investment in Hungary, thanks to which they are employing some 50 thousand people. “There are 150 major Bavarian companies present in Hungary, most of which represent a state-of-the-art level of technology and are among the world’s most important automotive industry manufacturers and suppliers”, he added.

In addition to his meetings with Bavarian business leaders, Mr. Szijjártó also held talks with Bavarian Prime Minister Edmund Stoiber, the former leader of Bavaria’s governing Christian Democratic Union (CSU), and with Archbishop of Munich and Freising Reinhard Marx, Chairman of the German Catholic Bishops’ Conference.