Mihály Varga: food industry development strengthens the country’s stability

(Illustration: AI)

Mihály Varga said at the event: inflation has returned to the tolerance band over the past year, falling to 1.4 percent by February. The forint-euro exchange rate has strengthened significantly from around 410 forints at the end of last year, and at the same time the country’s foreign exchange reserves have increased to a historic high of almost 60 billion euros. He added that the high level of international reserves plays a key role in maintaining financial stability and strengthens market participants’ confidence in the Hungarian economy. Mihály Varga mentioned that Hungary has been out of the war that has been going on in our neighbor for the fourth year and its goal is to remain out of it in the future. Peace is needed for these investments to be realized, he stated. According to him, Hungarian enterprises ready to take action and specific, local investments made by them are necessary for the stability of the Hungarian economy to be strengthened. The central bank governor emphasized: strengthening Hungary’s sovereignty is inconceivable without developing the food industry and strengthening supply chains. As he said: in the uncertain global economic environment, self-sufficiency and the ability to make independent decisions are of decisive importance for economic performance.

The development began six years ago

Mihály Varga explained: a mill and crop storage facility belonging to the Szatmári Kft. interest was completed and began operating six years ago, where only corn, which is the raw material for gluten-free foods, is processed. Now, a new mill and husking plant has been completed at a new location, which is suitable for storing and processing large quantities of wheat, rye and triticale produced by farmers in the area. According to him, Karcag is slowly regaining the title of “city of mills”, and this investment also contributes to this, as the city has increasingly become a center for grain processing thanks to the developments of recent years. The food industry is on strong footing in Karcag and Nagykunság – he added.

Several projects were running in parallel

Zoltán Szatmári Jr., owner of the Szatmári group of companies based in Jászberény, said that the investment, worth a total of almost 1.8 billion forints, was implemented with approximately 790 million forints of domestic support. The company has developed a husking plant with a floor area of ​​1,672 square meters, for which it has developed milling technology that meets their special needs. A new, almost 1,000 square meter crop storage facility has also been developed. In addition, 24 old reinforced concrete silos were renovated and a solar panel system was built. The development created about ten to fifteen new jobs, he reported. He said that they plan to build Hungary’s first bulgur production plant as part of a future project. Imre Hubai, the State Secretary for Agriculture at the Ministry of Agriculture, said: the development of the Szatmári Group of Companies also contributes to food security and food sovereignty. The Group of Companies is characterized by the continuity of developments, the increase in added value, and through these, the strengthening of competitiveness. The investment is an example of how tradition and a “common sense green approach” go well together, he said.

MTI