Ambassador: German firms re-invest half of profits in Hungary

Pharma

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.

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.