BUDAPEST, Sept. 4 (Xinhua) -- Hungary placed as the seventh most preferred investment target worldwide, according to IBM's latest Global Location Trends, based on 2017 data, official sources said here on Tuesday.

"Hungary is also ranking on the top of the list at number 16 in the area of high added value foreign investments," Tamas Menczer, official at the Ministry of Foreign Affairs and Trade, declared at a press conference.

The country is made attractive by the economic environment for investors: one of the lowest personal income tax rates in Europe, the lowest corporation tax and the social contribution tax is also declining steadily, according to Menczer.

According to him, in 2010, when unemployment stood at 12.5 percent, it was clear that one of the most important tasks of the new government was the creation of jobs. Unemployment rate has now fallen to 3.5 percent.

The government's investment incentive policy has also changed, and today it is possible to support investors who, besides the preservation of jobs, carry out technological development and modernization as well, Menczer pointed out.