“Over the course of the next two months the government will be announcing the creation of a thousand new jobs in Hungary that are being established by Indian companies that apply state-of-the-art technologies”, Minister of Foreign Affairs and Trade Péter Szijjártó said in a telephone statement to Hungarian news agency MTI from Mumbai on Wednesday.

“India’s economy is the seventh largest in the world and 16 percent of its national performance are generated in and around Mumbai. From this perspective, it is particularly important that Indian enterprises that operate in and around Mumbai, and which are otherwise among the largest in the world within their respective sectors, are bringing their investment projects to Hungary one after the other”, he added.

“Indian companies have already been playing a major role in the dimensional transition of the Hungarian economy in view of the fact that they have brought their state-of-the art investments to Hungary within the fields of the automotive, electronics and services industries and the renewable energy sector”, he stated. “There are currently around 40 major Indian enterprises operating in Hungary, providing jobs to over 10 thousand people”, he pointed out.

The Minister explained that in view of the lowest taxes in Europe, its extremely highly trained and diligent workforce and Hungary’s geostrategic significance, agreements have been successfully concluded with automotive industry, electronics and energy companies based in and around Mumbai with relation to investments that will provide work for one thousand people, including corporations such as Tata Sons, the Mahindra Group and the Hinduja Group.

These jobs are also being created in Hungary in a geographically well-distributed manner, primarily using the most modern technology within the automotive industry and the service and renewable energy sectors. In addition to visiting the aforementioned companies, during his trip to Mumbai the Minister of Foreign Affairs and Trade also met with Governor of Maharashtra State Bhagat Singh Koshyari.