According to the Minister of Foreign Affairs and Trade, based on the talks he held with American investors, it has been proven beyond any doubt that the Hungarian economy has undergone a dimensional transition. “The companies not only consider the country as a production location, but also as an investment location where it is worth carrying out high added value activities, research and development requiring a high level of vocational training, and activities based on the latter”, Péter Szijjártó told Hungarian news agency MTI in New York, the location of the current session of the UN General Assembly.

The Minister held bilateral talks with the leaders of several American pharmaceutical, electronic and financial companies. He also presented the Chain Bridge Budapest Award to the past year’s most significant American investor, American company Arconic (formerly Alcoa), with interests in the aluminum industry.

Mr. Szijjártó said that American IT giant IBM recently published its standard-setting rankings of last year’s events, on which Hungary ranks fifth worldwide in terms of job creation per one million habitants.

Among the most sought after investment destinations, Hungary ranks fourth in the vehicle industry and ninth in research and development investments. “This means that the dimensional transition of the Hungarian industry has been successful; the country is one of the winners of the new global economic era”, the Minister concluded.

“This is thanks to the Hungarian workforce’s expertise, the level of development of the education system, and the fact that the tax policy favours R&D projects that require a particularly high degree of investment, thus leaving enterprises with the highest possible level of development resources”, he highlighted.

(Ministry of Foreign Affairs and Trade/MTI)