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GE criticizing changes in Hungary’s tax policy

The biggest American player in Hungary and active in several industries, General Electric Company has already invested over $1 billion in the country, but now has to think over further investments in the light of recent, disadvantageous changes in tax policy, with special respect to solidarity tax, said John G. Rice, vice chairman and president-EO of GE’s infrastructure division.

97% of General Electric Company’s Hungarian production goes to export. GE employs staff of 15,000 through GE Money (owner of Budapest Bank), Zenon Zrt specializing in water clearing, and the 13 factories of GE Hungary Zrt specializing in healthcare, industry and infrastructure. Beside a 40% share in Genpact Hungary Kft, the group also has 2 regional centers and three technological centers in the country. Due to lack of stability and transparency, GE may move on to expanding in other countries instead of automatically furthering investments here. However, the group is still dedicated to finding a mutually satisfactory solution, Rice concluded. (Gazdasági Rádió)