In the midst of international uncertainties, the most important task is to protect Hungary’s security, the Minister of Finance said at the press conference of the investment transfer of Molar Chemicals Kft. In Halásztelek on Wednesday.
According to Mihály Varga, conflicts contrary to Hungarian interests should not be undertaken, because it is in the country’s interest to have peace and “common sense affect Europe”. The uncertainties affect the planning of the 2023 budget, so the government is striving to preserve its economic viability, to continue investing, and to maintain security of supply, he added.
The head of the ministry emphasized that Hungary’s competitiveness had improved a lot since 2010, and that economic independence would be an important aspect even if it had not had to face a pandemic in recent years.
Hungary cannot afford to depend on foreign suppliers in all respects, as it has become certain for 2 years that unfavorable conditions may make it impossible to procure even the most necessary products, the Minister of Finance said.
By strengthening domestic producers, the disruption of international supply chains can also be offset – explained Mihály Varga’s support to Molar Chemicals Kft.
The program has contributed to the development of 83 companies in 68 locations, and its control of the creation or maintenance of almost 5,700 jobs supports the implementation of a health industry project with a total value of HUF 86 billion with HUF 67 billion.
The managing director of Molar Chemicals Kft. Announced that in addition to their new warehouse, they had expanded their production capacity and equipped the plant with state-of-the-art equipment. The investment value was spent on a quarter of technical and technological developments. József Pál added that they had to face their production constraints during the epidemic, but the company is now preparing to increase its foreign sales with new investments.
In addition to the production of chemicals, pharmaceutical raw materials and disinfectants, Molar Chemicals, established in 1993, is also represented in Hungary by several international companies. According to their report, they closed with sales of more than HUF 3.3 billion in 2020 and almost HUF 2.8 billion in 2021. The amount of foreign sales was almost HUF 180 million and HUF 135 million, respectively. The company’s after-tax profit approached HUF 500 million in 2020 and HUF 242 million last year.
The Health Support Program was announced by the government in the summer of 2020 in response to the outbreak. According to the announcement of the Ministry of Finance (PM) at that time, the production of pharmaceuticals and medical devices in Hungary could be developed by creating new production sites and strengthening their efficiency. Mihály Varga has previously stated that the program also prepares the Hungarian economy for the post-epidemic situation, as it supports investments that can be the basis for further growth.