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Military equipment manufactured in Hungary helps bolster security, Defence Minister Kristóf Szalay-Bobrovniczky said at the signing of a joint venture agreement between the defence ministry and Germany’s Dynamit Nobel Defence in Budapest on Friday. The joint venture will help start the rebuilding of Hungary’s defence industry which had declined “mainly due to decades of irresponsible political decisions”, Szalay-Bobrovniczky said at the ceremony. Hungary’s military will now have equipment that will guarantee the security of the Hungarian people, he said. The minister said the joint venture agreement was the result of years of hard work by many people and a milestone in strengthening Hungary’s military strength and economy. The cooperation between the defence ministry and Dynamit Nobel Defence will create jobs, generate tax revenue and boost the reputation of the Hungarian economy, he added. It will also help prevent any disadvantages from potential supply chain disruptions, Szalay-Bobrovniczky said.
The agreement was signed by Dynamit Nobel Defence CEO Michael Humbek and László Palkovics, CEO of defence industry innovation holding company N7 Nemzeti Védelmi Ipari Innovation Holding.