Foreign Minister Péter Szijjártó (2nd right), Managing Director Michael Seiferling (left), Walter Sennebogen, owner of the Sennebogen Group (2nd left), and Károly Kontrát, Fidesz Member of Parliament (right) at the inauguration of the new plant of Termelés-Logistic-Centrum GmbH in Litér.
On Friday, the Hungarian Foreign Minister announced that the 21 billion forint (56 million euro) investment by the German Sennebogen Group’s Termelés-Logistic-Centrum GmbH in Litér in the production of structural steel elements will create 80 new jobs.
At the inauguration of the plant, Péter Szijjártó said that the investment was supported by the Hungarian state to the tune of 2.2 billion forints (5.9 million euros). He stressed that the production of metallic raw materials and processed products in Hungary reached a record high last year, with the sector, which employs some 120,000 people, already having a production value of more than 4,000 billion forints (10.7 billion euros).
In his speech, the minister stressed that the project proves that Hungary can continue to offer an attractive investment environment in Europe and that companies are attracted by the continent’s lowest taxes, political stability,, and skilled workforce.
The politician also recalled that the global economy had been turned upside down twice in three years in an unprecedented way. The government’s most important task in recent years, he said, has been to avoid a recession, and the best way to prevent that is to invest more and more. The government’s economic policy response to both crises was therefore the same: It had launched an investment promotion program. In doing so, the government focused on preventing unemployment rather than financing it, the foreign minister said.
“I think the result speaks for itself, because while 2022 was one of the black years for the global economy, it was a record year for the Hungarian economy,” Szijjártó said, adding that last year saw record levels of investment, employment, and exports. He added that
more investments have already been made in Hungary this year than in all of last year, which was also a record year.
“And the result of the investment record is that we can secure jobs, avoid recession, and keep the economy on a growth path,” the politician underlined. He stressed that the investment decisions of the past period also show that despite the political excitement and hysteria, the confidence of German companies in Hungary has not diminished.
In Hungary we guarantee the principle of equal treatment of all German companies, and we are pleased that German companies still represent the largest investor community,”
underlined the minister, concluding by noting that the Hungarian government has provided substantial financial support to 183 major German corporate investments in the last nine years.