Canada-based diversified global manufacturing company Linamar has set up a new factory facility with a EUR five billion investment in Orosháza, Hungary, 200 kilometres southeast of Budapest. The EU supported project creates 150 new jobs at the company.
The Hungarian government will do everything in its power to help Hungary turn into not only a production but an innovation centre, Minister for National Economy Mihály Varga said at the general assembly of the Hungarian Association for Innovation.
The Hungarian government projects 2.9% of GDP budget deficit for 2014 and over 3% economic growth for 2017 in its convergence program sent to the European Commission. The program was outlined to the press by Economics Minister Mihály Varga.
Hungary’s vehicle manufacturing industry produced some EUR 18 bn last year, which amount constitutes 18% of the total Hungarian manufacturing industry output, 10% of Hungary’s GDP and 18% of total Hungarian exports.
“Hungary is ready to further strengthen the business relations with South Korea,” the Hungarian Minister of National Economy, Mihály Varga pointed out at the opening of the Korean Economic Cooperation forum in Budapest.
The President of the European Bank for Reconstruction and Development (EBRD), Suma Chakrabarti paid a visit to Budapest where he discussed with Minister for National Economy Mihály Varga several ussies on the agenda between the bank and Hungary.
The Hungarian Ministry of National Economy has issued a press release, which reiterated plans to make a bid for ISD Dunaferr Duna Steel Works and re-privatize the struggling industry behemoth, the financial website portfolio.hu reports.
EU finance ministers decided to endorse the European Commission’s recommendation of May 29 to abrogate the excessive deficit procedure (EDP) for Hungary. The country has been in the EU’s fiscal cuffs since its accession to the bloc in 2004.
The Hungarian government has announced additional fiscal adjustment measures to avoid the reopening of the excessive deficit procedure (EDP) against the country once EU finance ministers agree to abrogate the EDP for Hungary.
The Hungarian Minister of National Economy Mihály Varga announced that in order to ensure that the European Commission’s excessive deficit procedure against the country is lifted, the government will freeze HUF 92.9 billion in the 2013 budget.
The International Monetary Fund (IMF) and the European Commission will wait for the approval of the 2013 budget and then there could be further development in the current negotiating stage, Hungary’s chief aid negotiator Mihály Varga said this Tuesday.
As requested over the weekend by Hungary’s chief aid negotiator Mihály Varga, who saw the pressure on the Hungarian market, Hungarian Parliament put off the vote on the planned amendments to the central bank law on Monday.
Hungary future IMF negotiator, Mihály Varga, expects formal negotiations with the International Monetary Fund (IMF) and the European Union on a financial assistance program start as soon as early summer thanks to meeting the preconditions for the talks.
