Hungary, Romania to Launch Joint Development Program

Int’l Relations

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Hungary and Romania will launch a joint economic development program that will allow businesses in Romania to profit from electric vehicle production investments in the east of Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó said at a conference in Oradea, Romania on Tuesday.

The program will promote "cross-border development" of supply chains, Szijjártó said. "That's good for Romania and good for the Romanian economy, as well as good for Hungary and the Hungarian economy," he added.

Further developing economic cooperation between Hungary and Romania is of "strategic interest", he said, adding that bilateral trade rose 29% to EUR 12 bln last year, a new record.

He noted that Hungary's government has awarded HUF 88.5 bln in support for HUF 174 bln of investments by companies in Transylvania. 

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