Following in the footsteps of Knorr Bremse, GE Hungary and Bosch, German engineering giant Siemens is the fourth company to join a government initiative to support a bigger role for local SMEs in supplying multinationals with operations in Hungary, state news wire MTI reported.
Siemens Hungary President-CEO Dale A. Martin and Minister for National Economy Mihály Varga signed the agreement on Monday. The program is designed to assist domestic enterprises obtain knowledge that enables them to join international value chains as suppliers, according to government website kormany.hu.
Varga acknowledged the scale of Siemensʼ investments in Hungary, as well as its contribution to boosting the countryʼs competitiveness.
Martin noted that Siemens employs 3,000 people in Hungary and that more than 2,000 locally owned companies account for some 60% of its order volume. About 500 of Siemensʼ local partners are accredited to export to Siemens units around the world, he added.