Péter Szijjártó: the new investment of the domestically owned Biolab Zrt. further strengthens the Hungarian medical technology market

According to a statement from the Ministry of Foreign Affairs and Trade, the Minister reported that the domestically owned company is implementing a capacity expansion worth 1.3 billion forints, for which the government is providing a subsidy of 520 million forints, thus facilitating the creation of twenty-five new jobs with particularly high added value.

“We have now agreed on a development that will enable products that have previously been imported from India to be produced here in Hungary, in Pomáz. In addition, this enterprise must also keep up with the requirements of the modern age, so they cannot escape the digital transition, and thus the full IT integration of production processes will take place within the framework of this investment. This ensures that the enterprise will continue to be successfully present in more than sixty countries on five continents” – he announced.

He then explained that

“And this investment has an even greater significance because more than seventy percent of Biolab’s suppliers are Hungarian, so small and medium-sized enterprises operating in the region or further afield will have new development opportunities” – he stated.

He also pointed out that the industrial production of Pest County has increased two and a half times in ten years, while the unemployment has been halved, which, according to him, is also due to the fact that during this time, 325 investments were established here with the support of the government, creating approximately 23 thousand new jobs.

Péter Szijjártó touched on the crises of the past decade and a half, the serious uncertainty that accompanies the formation of the new world order, and underlined that Hungary has achieved real economic feats in the meantime.

“Yet it happened that one million new jobs were created in fifteen years, (…) Yet Hungary has the lowest taxes on labor in Europe. And the reduction in utility bills was not only managed to be put together, but also managed to be protected in this difficult period” – He stressed that Hungarian-owned enterprises that were able to establish themselves in high-tech industries and gain decisive positions on the world market played an essential role in these results. He said: “Hungarian-owned enterprises that were able to build up serious research and development activities and Hungarian-owned enterprises that demonstrated continuous innovation capacity.” class=”mb-5 text-lg font-normal leading-7.5 lg:mb-7.5 lg:text-xl”>”Thanks to these Hungarian companies, we can say that the past four years have been the four most successful years in Hungarian economic history in terms of investment (…) We have never concluded so many agreements on investments, never started so many factory constructions, never started so many developments and never created so many jobs in Hungary” – he summarized.