The relocation of capacities that are being cut in Germany could represent a business opportunity for the region and Hungary, said Tamás Jeránek, director of Siemens Zrt. in an interview with Világgazdaság.
Siemens has been present in Hungary for almost 140 years and has undergone numerous changes both domestically and internationally during this time. The Siemens Group’s current activities in Hungary encompass several companies and areas. These include, for instance, software development, railway infrastructure and rolling stock, industrial digitalization, energy distribution, building automation, and the implementation of electric mobility infrastructure.
Tamás Jeránek, who has been managing director of Siemens Zrt. for almost five years, recalled in the interview that the company’s revenue rose by 8 percent to 55.4 billion forints (142,000 euros) in 2025. The order backlog for future services also rose by 8 percent, with forecasts for 2026 also positive.
When asked whether the difficult situation facing the industry in recent years had affected the company, the managing director replied that the domestic industry had been stagnating for three years and that there was talk of declining order intake in the manufacturing industry. This initially led to a relaxation of payment discipline, whereupon companies employed fewer workers: several companies found themselves in a difficult situation or ceased operations.
“We are also feeling the challenges in our ecosystem. With our modest resources, we are trying to remedy the situation in some areas. As part of our ”Magyar Gépgyártó“ (Hungarian Mechanical Engineering) program, we have developed affordable designs, customized technical support, and knowledge transfer, which numerous industrial companies have taken advantage of,” said Tamás Jeránek.
He pointed out that polarization of the industry can also be observed. “Whereas in the past, the performance of the individual sub-sectors was more or less parallel, they have now diverged,” said the managing director. It is characteristic that fewer and fewer complex projects are being launched and that developments must be based on thorough profitability calculations, he explained. In his view, the market environment will not change in the short term, and we must be prepared for this.
For Hungary and its region, the relocation of capacities that may be lost in Germany could represent a business opportunity,
explained Tamás Jeránek, who also sees potential for the company in this, as Siemens supports the fastest possible relocation of plants and equipment in its service. On the other hand, it should not be forgotten that the German economy has supported Hungary’s development for decades and remains our country’s largest export market.
According to an analysis by Creditreform, around 23,900 corporate insolvencies are expected in Germany by the end of 2025 (for comparison: the figure was similarly high in 2014), and there is no significant easing in sight for 2026, as Bild reported in an article. This means that the German economy is currently facing many uncertainties: weak growth, cautious investment, pressure from energy costs, deteriorating business sentiment, and rising insolvencies. But this is precisely why capacities within Europe may shift—and according to Tamás Jeránek, this could be a great opportunity for Hungary.
Via vg.hu; bild.hu; Featured image: Pixabay
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