Márton Nagy, National Economy Minister, met with Robert Keszte, the recently appointed president of the German-Hungarian Chamber of Industry and Commerce (DUIHK), in his office on Monday.

DUIHK executive board member Barbara Zollmann and communications director Dirk Wolfer also participated in the talks, the National Economy Ministry said in a statement

The sides discussed areas in which Hungarian-German economic cooperation could be enhanced, as well as strengthening both countries' competitiveness.

The sides agreed that Germany and Hungary both advocate a strong and competitive European and German economy and acknowledged the need to channel European Union budget resources to support the local economy and competitiveness.

Minister Nagy noted that four-fifths of German-owned companies in Hungary would reinvest in the country.

German-owned companies employ around 235,000 people in Hungary. They are also the country's largest group of investors, ploughing EUR 20.1bn into the country.

Minister Nagy highlighted Hungary's role as a "meeting point" between technology and capital from the East and the West, pointing to cooperation between companies such as German car maker BMW and Chinese battery manufacturer CATL.