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The Hungarian government has concluded a strategic partnership agreement with lighting company Tungsram. The agreement was signed by Foreign Minister Péter Szijjártó and Tungsram CEO Jorg Bauer.

Last year, Bauer acquired General Electric’s lighting business in Europe, the Middle East, Africa and Turkey, as well as its global automotive lighting business.

Szijjártó said that Magyar Eximbank had lent a significant amount to Tungsram to improve its competitiveness on both domestic and foreign markets. Bauer noted that Tungsram has a presence in 100 countries and employs almost 5,000 people in Hungary. Tungsram had a revenue of some 300 million US dollars in 2018, according to preliminary data.

Hungary’s government has so far signed strategic cooperation agreements with 80 companies.