UPDATE - Hungarian medical device maker investing €2M in Turkey

UPDATES WITH REMARKS BY HUNGARIAN MINISTER OF FOREIGN AFFAIRS AND TRADE

By Tuba Sahin and Yunus Girgin

ANKARA (AA) - Hungarian medical device manufacturer Medicor is investing €2 million ($2.4 million) for incubator production in the Turkish capital Ankara.

"This investment is a concrete reflection of our Hungarian friends' confidence in Turkey's economic potential and political stability," Turkish Technology and Industry Minister Mustafa Varank told a press briefing jointly held by Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto on Monday.

This is Hungary's first direct investment in Turkey in the medical industry field, Varank underlined.

He noted that incubators produced in the Turkish plant will be sold in Central Asia, the Middle East, and Africa, generating an added value for Turkey.

"This investment is one of the pioneering steps for economic and trade cooperation between Turkey and Hungary, which has a great potential," Varank said.

He stressed that the bilateral trade volume rose more than seven-fold to $2.7 billion from $356 million in 2001.

On his part, Szijjarto said: "Hungary attaches great importance to relations with Turkey, and Europe's security depends on Turkey. It also makes a great contribution to the security of Central Europe's energy."

Recalling Turkey's help last year, he said the country easily provided eight tons of raw materials required for the production of masks to Hungary.

After Medicor's investments, there will be new investments in the health economy, Szijjarto added.

The new facility is expected to start production by the first half of 2022.

Having gathered last June in Ankara, Varank and Szijjarto had agreed on enhancing cooperation in the medical industry between Turkey and Hungary.

Accordingly, at the medical sector roundtable held on Nov. 11, 2020, companies from the two countries discussed bilateral business opportunities.

Established in 1963, Medicor is one of the largest and oldest medical device manufacturers in Hungary.

The company's neonatal care products, such as incubators and warming and resuscitation tables, are exported to more than 100 countries, including Russia, Jordan, and African countries.