“Hungary is the world’s seventh most popular investment destination, according to the latest report for 2017 by IBM Global Location Trends”, Minister of State for Communication and Hungary’s International Image said at a press conference in Budapest on Tuesday.

Hungary is also among the frontrunners with relation to high added value foreign investments, occupying 16th place, he added. “The country is attractive to investors because of its economic environment; we have the lowest rate of personal income tax in Europe, the lowest corporation tax, and the level of social contributions is also continuously decreasing”, he explained.

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According to the Minister of State, in 2010 when unemployment stood at 12.5 percent it was clear that one of the most important tasks of the new government was going to be job creation. “According to the Government’s approach, ‘if there is work, there is everything’; work is what provides people with dependability and self-esteem”, he said, adding that “By today, unemployment has fallen to 3.5 percent; in Hungary, anyone who wants to work can now find employment”.

“The Government’s funding and incentive policy has also changed, and today investors who in addition to creating jobs realise technological development projects and modernisation may also receive funding”, Mr. Menczer pointed out.

“The Hungarian Investment Promotion Agency is performing successfully again this year, as particularly indicated by the BMW investment announced this summer”, he highlighted, adding that the BMW investment will create 1000 new jobs directly, and many more via the new plant’s suppliers.

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According to the Minister of State, BMW is bringing the world’s most modern automotive industry technologies to Hungary, in view of the fact that in addition to traditionally driven vehicles, it will also be manufacturing electric cars in Debrecen.

President of the Hungarian Investment Promotion Agency (HIPA) Róbert Ésik told reporters that according to the IBM survey last year 121 foreign investors realised investment projects in Hungary creating 17,500 jobs, the highest figure since the survey was first performed in 2002.

“Budapest came 6th from among Europe’s capital cities, with 5500 new jobs created by foreign working capital in 2017”, Mr. Ésik explained, adding that Budapest is in first place among the countries of the Visegrád Group with regard to these figures.

“As far as 2018 goes, 46 successful investment negotiations were brokered by the agency during the first six months of the year at a total value of over 2 billion euros”, the HIPA President told the press, pointing out that this is the highest ever figure for a six-month period since the Agency began operations.

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Mr. Ésik also spoke about the fact that the United States, Germany and Japan traditionally come highest on the Agency’s list, but that with relation to the level of capital invested during the first half of 2018 first place was taken by South Korea.