Hungarian Minister for National Economy Márton Nagy met with Philipp Haussmann, Deputy Chairman of the German Committee on Eastern European Economic Relations (Ost Ausschuss), and Barbara Zollmann, Executive Board Member of the German–Hungarian Chamber of Industry and Commerce (DUIHK) on Tuesday at his office, as reported by the Ministry for National Economy (NGM).
According to the statement, the Committee on Eastern European Economic Relations, which celebrated its 70th anniversary in 2022, is a regional initiative of the German business community encompassing 29 countries in Eastern Europe, Central and Eastern Europe, Russia, Southeastern Europe, and Central Asia. The primary tasks of the organisation include supporting foreign investments for member companies, facilitating foreign relations, and addressing market entry issues. The organisation is supported by six leading German economic associations and has more than 350 member companies.
The minister emphasized that Germany is Hungary’s most important economic partner: German companies employ more than 220,000 people in Hungary, and
Germany accounts for 24 per cent of Hungary’s foreign trade, making it the country’s number one trading partner.
Furthermore, Germany is Hungary’s largest investor, with €18.7 billion of the €100 billion in foreign direct investment (FDI) attributable to German enterprises.
During the discussion, the parties reviewed economic and business relations and cooperation between Hungary and Germany. Nagy highlighted that the government strives for partnerships based on mutual respect with all parties and, contrary to unfounded claims, Hungary is a state of law offering legal security, a predictable economic and legal environment, and one of the most competitive tax environments for investors.
The minister noted that German companies feel comfortable and operate successfully in Hungary, with strong and unbroken cooperation in sectors such as the automotive industry, retail, telecommunications, and defence. Investing in Hungary is worthwhile, with the average return on direct investments exceeding 9 per cent,
placing Hungary among the top 10 globally.
This and the predictable business environment contribute to the fact that four-fifths of German companies investing in Hungary would choose the country again as an investment destination, according to the NGM.
Regarding Hungarian–German relations, Nagy highlighted that despite the fruitful relationships, there is misguided and false agitation from certain circles. He clarified that there are no issues in cooperation in the food industry or retail, and the scheduled buyback of the airport is progressing in the spirit of partnership. He added that conflicts are only detectable in the cement industry, where the companies involved have abused their market power.
The minister stressed the importance of not allowing this unique issue to contaminate Hungarian–German relations and reiterated his readiness and openness for discussions to further strengthen them.
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