Strategic Partnership Agreement signed with Knorr-Bremse

The Government concluded a Strategic Partnership Agreement with Knorr-Bremse Hungary, a leading manufacturer of rail and road vehicle braking systems, which was signed by Minister for National Economy Mihály Varga and Knorr-Bremse AG Chairman Michael Buscher at the company’s Budapest headquarters.

Following the signing of the Agreement, the new test facility of Knorr-Bremse was opened, in which braking systems are examined at a temperature of -75 degrees Celsius.

Prior to the signing of the document, Mihály Varga pointed out that Knorr-Bremse has long-term plans in Hungary, proven by the almost 100-year history of the company and those large-scale investment projects which Knorr-Bremse has implemented over the past years despite the crisis.

Michael Buscher emphasised that the company has been the Government’s partner in industrial development, because this is a crucial field for the Hungarian economy. The signing of the Agreement is a key milestone for Knorr-Bremse, an enterprise which has been present in Hungary for almost a century.

Mihály Varga pointed out that Knorr-Bremse has been active in the country since the 1920s and it has become a decisive factor within the vehicle manufacturing sector.

As the Minister stressed the Government decided in 2012 to elevate partnership to a higher level with large enterprises active in Hungary, and results have thus far fulfilled expectations. Strategic partners have implemented investment projects totalling HUF 650bn over the past years, steadily expanding in Hungary and forging close relations with Hungarian suppliers, he said and expressed hope that investment, cooperation in the field of research, innovation and education as well as a business-friendly regulatory environment will result in accelerating economic growth.

Mihály Varga added that the development of the Knorr-Bremse Corporation has been fitting well with the Government’s economic policy objectives. Nowadays, he continued, we are witnessing the change of an era also in the field of industrial technologies, and the international market competition has never been this fierce and it has never impacted as many countries as it does today. This competition will create winners and losers, and it is important for Hungary to emerge triumphantly in the end and become a strong country the people of which can earn a living through work, the Minister stressed.