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Minister Creighton attends business event in Budapest

Today in Budapest, the Minister of State for European Affairs, Ms Lucinda Creighton T.D., told a business gathering that Ireland is committed to strong economic ties with Hungary.

Minister Creighton said that merchandise trade between the two countries was valued last year at €362 million, and that two way trade in services in 2009 was over €510 million.

The Minister told a wide group of Hungarian and Irish business representatives attending a Trade Luncheon organised by Enterprise Ireland and the Irish Embassy that despite the recession and banking crisis Ireland still has a strong position in global trading networks.

The Minister said: “The model that created this vibrant economy included a well-educated and flexible work-force and strong political and legal institutions. A rate of corporation tax of 12.5 percent is assured to all investors, domestic and foreign, irrespective of size. None of this has changed. If anything the fundamental strength of the model has been demonstrated. Irish exports have rebounded strongly from the recession of 2009 and an export-led economic recovery is under way. Exports of indigenous Irish firms were up 10 percent in 2010.”

Minister Creighton also pointed to the wide range of Irish firms with a presence in Hungary.  These include Kingspan (advanced building components), Combilift (material handling machines), Duolog Technologies (chip design services), EPS Global (programming of semi-conductor devices), Portwest (manufacture of high-quality workwear), McHale Engineering (agricultural machinery), ID Technology (specialist label printer) and Ferrobeton (member of CRH Group).  The Minister also noted that an Irish company, Pannonia Ethanol, is engaged in the development of a €150 million ethanol plant in Hungary, which will be the largest such project in central and eastern Europe.