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Hungarian companies’ investment abroad seen reaching €2-3 bln in mid-term

  Direct investment in foreign countries by Hungarian companies this year will be under the average in the past years, but capital exports should reach an annual €2-3 billion ($2.6-4 billion) in the mid-term, state secretary at the National Development and Economy Ministry Ábel Garamhegyi said at a press conference on Wednesday.

Hungarian FDI abroad averaged an annual €1.18 billion in 1998-2002. Last year it was HUF 1.15 billion. Hungarian companies invested €14 billion abroad by the end of 2008. About 62% of the FDI went to other countries in central-eastern Europe. The most money, some €2.8 billion, went to Slovakia.

The second-biggest amount, €1.4 billion, went to the UK. More than €1 billion went to Croatia and €520 million went to Romania. About 58% of the investment went to companies in the service sector and 30% went into the manufacturing sector, including 22% to oil companies, data from the end of 2007 shows. (MTI-Econews)