Federal Minister of Economics travels to Germany for talks about the future of the automotive industry

Márton Nagy and a delegation from the Ministry of National Economy are traveling to Germany, the ministry told the media on Sunday. The minister will hold talks with Robert Habeck, Federal Minister for Economic Affairs and Climate Protection, Florian Toncar, Parliamentary State Secretary in the Federal Ministry of Finance, as well as top managers from BMW, Mercedes and AUDI.

The government's aim is to boost economic growth this year and further boost it next year, the statement said. Easing the duality of the economy plays a key role alongside increasing labor market activity, investment and consumption. To achieve this, the number of national “champions” must be increased to 40, the number of exportable small and medium-sized enterprises to 20,000 and the profit deficit to zero.

Minister of National Economy Márton Nagy on April 12, 2024. Photo: MTI/Zoltán Máthé

In addition, the proportion of domestic Tier 1 and Tier 2 suppliers must be increased to 50%. Against this background, the goal of the delegation is to further strengthen Hungarian-German economic relations and to promote an increase in the proportion of domestic suppliers.

The ministry emphasized this

Hungary has an interest in further improving the economic performance and competitiveness of Germany, our most important foreign market, and in strengthening economic relations.”

The future of the automotive industry will be one of the main topics of discussions, with a particular focus on the major German car manufacturers present in Hungary and the electric vehicle industry. Hungary is aiming to establish a unified EU funding program to boost demand for electric cars, the ministry concluded in its statement.

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