Flags of Germany, Hungary and the European Union

© Adobe Stock/Oleksandr

Federal Minister Peter Altmaier exchanged views with his Hungarian counterpart Dr László Palkovics, Minister for Innovation and Technology, on the economic impact and measures in the context of the COVID-19 pandemic and Germany’s forthcoming EU Council Presidency during a video conference today.

Federal Minister Altmaier said: “It is important for us in the EU to act jointly and in a spirit of solidarity so that we can overcome the effects of the COVID-19 pandemic in Europe as soon as possible. Tackling the economic consequences of the COVID-19 pandemic will play a central role during Germany’s EU Council Presidency in the second half of this year. The aim is to strengthen Europe as a business location by further improving our competitiveness and innovative capacity, keeping markets open, creating a level playing field, and strengthening Europe’s digital and technological autonomy.”

Germany and Hungary maintain close economic relations. In 2019, the bilateral trade volume was just under €55.8 billion. Exports to Hungary amounted to €27 billion, while imports from Hungary totalled €28.8 billion. Hungary ranks fourteenth among Germany’s most important trading partners. Germany is Hungary’s number one trading partner and largest foreign investor.