Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Szijjarto: Economy's 'dimensional shift' further accelerated despite pandemic

Szijjarto: Economy's 'dimensional shift' further accelerated despite pandemic

The Hungarian economy's "dimensional shift" further accelerated in the past year and a half despite the coronavirus pandemic, with an increasing number of international research and development investment projects being implemented in Hungary, Foreign Minister Peter Szijjarto said on Tuesday.
Szijjarto attended an event where Linde Gaz Magyarorszag announced plans to set up a digital research and development hub in Budapest which aims to develop solutions to enable sustainable and profitable operations in processing plants, the ministry said. The 5 billion forint (EUR 14m) project will receive 970 million forints in state support and the German-owned company will initially offer 25 jobs to graduates, it added.

Szijjarto said that 2020 and to a certain extent even 2021 have been years that brought global economic activity to a halt. The government’s task was to avoid this and enable Hungary to be among the winners of the new era of the global economy, he added.

One of the reasons for success was that the government agreed with large international companies on the expansion of their capacities, especially in research and development, he said. As a result, the “dimensional shift” of the economy has not slowed down but picked up pace, he added.

Research and development spending totalled 770 billion forints in Hungary last year, some 10 percent more than in 2019, Szijjarto said. More than three-quarters of this was represented by corporate spending, which shows that the private sector trusts the Hungarian investment environment, he added.

He cited assessments showing that Hungary’s was the 34th most innovative economy in the world and said that the government wanted to make further progress in this area, also relying on international corporations to act as partners.

Linde Gaz Magyarorszag was set up in 1992 and the company currently has ten branches and nearly a hundred sales partners in Hungary. It is involved in the special storage and transport of Pfizer/BioNTech vaccines, playing a highlighted role in the fight against the coronavirus epidemic.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
Opposition Leader Threatens Media Outlets
Budapest Central European Fashion Week Kicks Off
American Airlines Adds New Flights to Budapest
F1 Hungarian Grand Prix Wraps Up
WhatsApp is rolling out a feature that looks a lot like Telegram.
U.S. Trade Representative says Washington still negotiating trade deals after court rules tariffs illegal
Von der Leyen says Europe drawing up 'precise' plans to send troops to Ukraine
Kremlin accuses Europe of hindering Trump’s peace efforts in Ukraine
German Chancellor Merz expects Ukraine war to last a long time
Why Hungarians feel poorer than their neighbours despite rising wages
Fidesz minister vows Hungary will ‘rescue’ a crisis-stricken EU
Budapest completes back-to-school infrastructure upgrade
Hungarian–Chinese consortium wins tender for Budapest trolleybuses
Betting market fuels speculation about Viktor Orbán’s future
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Trump Administration Seeks to Repurpose $4.9 Billion in Foreign Aid
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
US Appeals Court Rules Against Most Trump-Era Tariffs
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
×