Mercedes-Benz will start series production of a purely electric vehicle in Hungary in the last quarter of 2021. The Hungarian government is to cover about 30% of the costs of the expansion of production. The Mercedes-Benz plant in Kecskemét will become the pioneer in Hungary in the field of electric motoring: the new EQB will […]

Schneider Electric has made an investment of 12 million euros in its factories and logistics center in Hungary this year, the electronics company informed the Hungarian state news agency MTI. As part of the developments, the existing production hall in the company's Gyöngyös (east of Budapest) plant was expanded by 2,800 square meters, new production […]

25-year-old SCHOTT Hungary, owned by the German Carl Zeiss Foundation, is launching an investment project on its site in Lukácsháza, W Hungary. A report by the Hungarian Investment Promotion Agency says that 16 items of highly-automated, new generation, Industry 4.0 production lines will be put in service in the pharmaceutical glass and packaging material manufacturing […]

IBM Client Innovation Centre in Székesfehérvár, which provides IT services, server operation, system management and development, and cloud-based services, has decided to create 300 new jobs. The almost EUR 9.7 million investment to be realized by December 31, 2021 will be carried out while retaining the current number of employees. A report by the Hungarian […]

Tesco's withdrawal from Poland is not an ominous sign, but rather a good opportunity for the Hungarian subsidiary to strengthen its regional role, Zsolt Pártos, CEO of Tesco Hungary, told the Hungarian daily paper Világgazdaság. He also talked about the fact that although Tesco closed stores, new doors opened in parallel. "It is not the […]

Tungsram, the innovative Hungarian technology company that has been well-known for 125 years for his lighting solutions and products see Algeria as a respected partner and a promising market for its services, as it was in the past, says President&CEO Joerg Bauer. “In our recent discussions with His Excellency Ambassador Ali Mokrani we have found […]

The Dutch multinational life insurance, pensions and asset management company Aegon has agreed to sell its business in Hungary, Poland, Romania and Turkey to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). "This transaction will simplify Aegon's footprint and strengthen our balance sheet", said Lard Friese, CEO of Aegon. "We are sharpening our strategic focus […]

Real estate venture Duna House Group says its crisis-resistant model has exceeded expectations by returning to its previous growth trajectory in the middle of the COVID-19 pandemic. A report by the Group on the website of the Budapest Stock Exchange highlights that net sales revenue increased by 11%, cleaned core EBITDA (earnings before interest, taxes, […]

Diplomacy&Trade has recently published a special section on the occasion of the Czech National Day with special emphasis on beer. This piece about the Czech Republic being the second major hop producing country in Europe has been provided by the Czech Embassy. In the Czech Republic, there are three regions where hops are grown, of […]

Hungary's largest commercial financial institution, OTP Bank has announced on the website of the Budapest Stock Exchange that the sale of its Slovakian subsidiary, OTP Banka Slovensko. has been financially completed. According to the announcement, the transaction, based on the share purchase agreement signed with KBC Bank NV on February 17, 2020, has been financially […]

The Hungarian-Algerian Business Council was established in 2018, based on an agreement between the Hungarian Chamber of Commerce of Industry (MKIK) and the Algerian Chamber of Commerce and Industry. The objective of the Council is to increase the bilateral trade volume while developing economic relations between Hungary and Algeria and to provide business opportunities to […]

In the 3rd quarter of 2020, investments in Hungary decreased by 12% compared to the same period of the previous year and by 2.1% in comparison with the previous quarter. Based on raw data published by the Central Statistical Office, investments declined in most sections, however in relation with the pandemic situation in healthcare they […]

The American Diligent Corporation is bringing its new global R&D center to Budapest. The investment worth over EUR 31 million is said to create more than 300 high added value jobs. The company is a market leader among SaaS (software as a service) providers. This service assists managers in the public and private sector, as […]

Vajda-Papír, the leading Hungarian-owned manufacturer in the market of hygienic paper products, has announced the investment totaling HUF 16 billion investment at a digital foundation ceremony. According to the announcement, the investment project will help retain 600 workplaces and create 50 new jobs. The Hungarian government will provide HUF 5.5 billion, about a third of […]

The Hungarian oil and gas company MOL Plc. has announced that it has again qualified for inclusion in the Dow Jones Sustainability World Index (DJSI) in the Upstream & Integrated Oil & Gas category following the 2020 assessment process. A statement by the company says this is the fifth consecutive year that MOL has been […]