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In brief

Charm offensive by Hungarian Foreign Minister visiting Monaco

Péter-Szijjártó-meb-monaco
Péter Szijjártó during his speech to invited guests of the MEB © MEB/ P.H. Sébastien Darrasse

Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Foreign Trade, gave a presentation on his country in order to attract foreign investors.

The Monaco Economic Board (MEB) organised a Business Destination conference on Tuesday, June 4 as part of a working visit to the Principality by the Hungarian Minister of Foreign Affairs and Foreign Trade, Péter Szijjártó.

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Beforehand, the Minister inaugurated the new premises of Hungary’s Consulate and was granted an Audience by Prince Albert II. The Minister and Isabelle Berro-Amadeï, Monaco’s Minister of Foreign Affairs and Cooperation gave an overview of bilateral relations between the two countries since the establishment of diplomatic relations in 2016. It was an ideal opportunity to discuss potential economic developments between the two countries.

Business Destination: Hungary

Organised at the Hotel Métropole on Tuesday, June 4 by the MEB, the Business Destination event attracted a fair amount of interest. It gave MEB member companies the opportunity to learn about the economic advantages of this fast-growing, internationally-oriented Central European country.

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Minister Szijjártó emphasised Hungary’s political stability with a government in place since 2014 “which demonstrates a stability that has become very rare in Europe,” he said. “When you are dealing with a Hungarian contact, you know that he will still be there tomorrow, and that’s reassuring.”

Another major asset of Hungary: its attractive tax regime. The country has a flat corporate tax rate of 9%, the lowest in the European Union, and income is taxed at 15%. “The simpler and lower the tax system, the better it is for the economy,” said Minister Szijjártó.

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Hungary, a key player in the automotive industry

Hungary has also become a key player in the automotive industry, and is home to a significant share of many manufacturers’ electric car production facilities. The country is positioning itself as a bridge between European brands and their Chinese suppliers or competitors.

During the presentation of his country, Minister Szijjártó appealed for foreign investments, especially Monegasque. He hopes to develop economic relations with the Principality in finance, health, agri-food and new technologies.

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