The government is supporting foreign investments by Hungarian companies with the aim to balancing out the profits syphoned from the Hungarian economy by foreign investors in the country, Péter Szijjártó, the minister of foreign affairs and trade, said on Friday, at a factory visit in Obninsk, near Moscow. At a visit to the local unit of Hungarian medical industry company Sanatmetál, Szijjártó noted Hungarian Eximbank’s loans and the foreign ministry’s funding supported those investments. “The Hungarian economy is entering a new phase with new aims and tasks. Investments abroad enable Hungarian companies to get a foothold in foreign markets,” he said.
Hungary’s economy has become much stronger in the past decade, Szijjártó said. “Ten years ago, we were back of the class in the European Union. Now Hungary is one of the fastest developing countries in Europe,” he said. The country has “scored one investment record after the other” in recent years, even in the last year during the coronavirus pandemic, he said. Russia is one of the main targets of foreign investment of Hungarian companies, he said. Hungary and Russia pursue “pragmatic cooperation based on mutual respect,” he said. Sanatmetal is currently implementing a 1.3 billion forint (EUR 3.5m) investment in the three-year-old facility to manufacture parts for prosthetic knees. The products manufactured in Russia will open inroads into the Russian and Eurasian markets, he noted. Russian Health Minister Mikhail Murashko also attended the event.