Automotive industry in Hungary up 17% to $20.45 billionStaff writer ▼ | December 4, 2015
Minister of Foreign Affairs and Trade Péter Szijjártó said that the performance of the automotive industry increased by 17 percent in the first nine months of the year, and its production value amounted to HUF 6,000 billion ($20.45 billion).
Auto industry 140,000 people work in Hungary automotive industry
Mr. Szijjártó announced that as part of the HUF 31 billion investment, a 96 thousand square meters bumpers manufacturing plant will be built and 450 new jobs will be created. The Government of Hungary supported the investment with HUF 7.7 billion and declared it as priority investment for the national economy.
The Minister stressed that 2015 has been a successful year for Hungarian-Indian economic cooperation, given the fact that SMR’s investment was the third significant Indian investment announced this year.
Mr. Szijjártó said that the Hungarian economic policy is successful: in the framework of the new tax system, in 2016 the personal income tax will decrease to 15 percent and the administrative burdens will also be reduced by HUF 10 billion.
From the recent economy enhancing actions the Minister highlighted the fact that in order to increase Hungary’s competitiveness, the Government has doubled research and development spending, which will thus reach HUF 700 billion by the end of the 2014–2020 EU budgetary period. ■