German-Hungarian Chamber President Re-elected

At the Annual General Meeting of the German-Hungarian Chamber of Industry and Commerce (DUIHK), the 30th since its foundation in 1993, DUIHK members have confirmed András Sávos as President for another two-year term.

Prior to the General Assembly, members cast their votes electronically for the election of officers and the amendment of the Statutes, and the results were announced at the General Assembly.

Vice President Achim Weinstock reminded members that the General Assembly is taking place at a time when the world economy is facing challenges not seen for decades: war in Europe, inflation, supply shortages and other difficulties. "These factors are affecting our member companies, the German and Hungarian economies," Weinstock said. This is also reflected in the DUIHK's business survey published a few days ago, which showed that companies expect a noticeable slowdown in the economy. Despite this, their overall employment and investment intentions remained positive, which Achim Weinstock interpreted as a temporary downturn.

According to the survey, the biggest risks for their own businesses are energy prices, labor shortages and exchange rate developments. “The quality of the Hungarian business location was perceived to be slightly worse this year than last year, including access to subsidies, the predictability of economic policy and legal certainty," Weinstock said.

"Particularly in these challenging times, DUIHK will continue to intensify its efforts to support its members as effectively as possible in expanding or successfully pursuing their business activities," the Vice-President assured the audience.

Executive Director Barbara Zollmann, in her report to the Board, outlined that despite challenging times, DUIHK has continued to build on its strong membership base, with a total of 925 members as of December 31, 2022. In 2022, the focus of the Chamber's external promotion activities was on finding suppliers and supporting companies' nearshoring plans.