Hungarian Investment Promotion Agency

As the Government Commissioner for Investment Promotion and Implementation of Large FDI Projects emphasized on M1's Ma reggel program, 2024 was the second-best year in HIPA's history. The agency attracted investments with a total volume of EUR 10.3 billion (HUF 4,000 billion), which is a source of pride given the challenging international economic environment.

Mr. István Joó highlighted that the results reflect a balanced approach to investment promotion, with contributions from both Eastern and Western investors. He noted that HIPA supported more Hungarian projects in 2024 than ever before, while the highest value-added activities, such as research and development (R&D) and business service centers, also represent a significant proportion of the new investments.

The Eastern Opening policy has also yielded results, as evidenced by the fact that the majority of investment volumes came from Eastern countries. At the same time, Germany ranked first in terms of the number of projects, which is another testament to the balanced overall state of the investment promotion.

Mr. István Joó stressed the importance of diversification in Hungary's economy and economic policy.

When Western economies perform poorly, we need Eastern investors to bring the most modern technologies to Hungary

– he said.

While recent years have seen much focus on automotive manufacturing, electronics, and battery plant construction, the picture is far more complex. Last year, investments arrived in 18 sectors, including food processing, where HIPA strongly supported Hungarian projects, as well as construction, medical technology, pharmaceuticals, and information and communication technologies.

This diversity underscores HIPA's 2024 achievements and highlights the importance of supporting projects across as many sectors as possible - Mr. István Joó said, adding that of the 77 projects supported last year, 19 were in R&D and service centers.

HIPA also expects existing investors in Hungary to expand their activities into R&D, whether in battery plants or automotive centers. This is a key goal, and in this context, it is a great success that by HIPA's largest-ever R&D project is carried out by Samsung SDI, in collaboration with Óbuda University.

The restructuring of the university system has yielded results, as incoming companies can collaborate more effectively with universities on developing new products and services

– Mr.  István Joó explained. He added that agreements signed in 2024 will create 2,000 new jobs in the fields of R&D and engineering.

Looking ahead to 2025, he revealed that southern Hungary will become the focus of investment promotion efforts.

HIPA's first ten years primarily focused on developing Eastern Hungary, with visible results for all. In the coming years, we need to strengthen the southern regions – Mr. István Joó said.

In counties from Baranya to Békés, there is much work to be done. In this regard, a significant milestone is BYD's decision to build its first European car factory in Szeged after 220 rounds of negotiations – Mr. István Joó noted, referring to the Chinese giant, one of the largest players in the global market for new-energy vehicles.

He added that further support for R&D projects and Hungarian investments remains among the top goals for 2025.

Speaking on Kossuth Radio's Good Morning Hungary program, Mr. István Joó emphasized that the investment volume achieved in 2024 is equivalent to the entire annual budget of the national education system. This achievement is even more valuable given the global slowdown in foreign direct investment flows.

As Mr. István Joó highlighted,

Our results show that Hungary has retained its investment appeal despite challenging external economic conditions.