Ambassador: German firms re-invest half of profits in Hungary
German companies reinvest over half of their local units' profits in Hungary, German ambassador Lieselore Cyrus said in an interview published in Hungarian economic daily Napi Gazdaság today, adding that the 6,000 German firms active in Hungary have invested some €20 bln in Hungary in the past 25 years, creating 300,000 jobs.
With an annual €18.6 bln in exports from Germany to Hungary, Hungary is the 16th largest trade partner with Germany, and the sum total of Hungary’s exports to Germany is approximately €21 bln, the paper said. According to the ambassador, the figures demonstrate that German investments have contributed to the stability of the Hungarian economy and to economic growth.
"Companies prefer an environment in which they can plan for years ahead, where legal security is stable and business players have a certain kind of confidence in each other," the ambassador said referring to complaints by German companies. The ambassador added that German companies operating in Hungary are mostly concerned about issues such as the recent introduction of a control system for road haulage companies, a tax on advertising and a large increase in oversight fees for supermarkets.
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