The Hungarian economy is once again strengthening in a strategic sector, with developments affecting the medical technology and pharmaceutical industries, according to István Joó, government commissioner and CEO of the Hungarian Investment Promotion Agency (HIPA), the agency informed MTI on Wednesday.
He spoke at the groundbreaking ceremony for SCHOTT Hungary Ltd., which manufactures glass packaging materials for the pharmaceutical industry. The company has launched three new investments at the same time, worth a total of nearly HUF 100 billion.
The government commissioner responsible for investment promotion and the implementation of major investments in Hungary, in his speech, drew attention to the fact that the strategic importance and value of the medical technology and pharmaceutical sectors was truly demonstrated during the new coronavirus epidemic period, when the shortage of medical and pharmaceutical equipment and the disruption of supply chains posed enormous challenges for the whole world, including Europe and Hungary.
He added that this is why it is so important that the SCHOTT Group, which has been present in Hungary for 32 years, has launched developments worth nearly HUF 100 billion in Lukácsháza. The government is providing HUF 7.7 billion in support for the developments, which will create 272 new jobs, under a special government decision.
SCHOTT has manufacturing capacity in 17 countries, and these investments could have been made in 16 other countries, yet the group's largest manufacturing plant in the pharmaceutical business was established in Hungary, István Joó said, highlighting the significance of the decision, according to the announcement.
The CEO of HIPA called SCHOTT's presence in Hungary a success story of Hungarian-German economic cooperation, adding that not only does the company employ more than 800 people in Lukácsháza, but it also relies heavily on Hungarian small and medium-sized suppliers.
The importance of the group is demonstrated by the fact that it holds more than 1,000 patents and patented technologies, and more than 25,000 people receive injections with SCHOTT Pharma products every minute.
In his speech, István Joó also pointed out that Germany has now become the largest foreign investor and the number one trading partner of Hungary. Between 2014 and 2024, HIPA supported 318 German investment decisions with a total value of more than HUF 3,800 billion, according to the agency.
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