The Budapest University of Technology and Economics (Hungarian: Budapesti Műszaki és Gazdaságtudományi Egyetem or in short Műegyetem), official abbreviation BME, is a public research university located in Budapest, Hungary. It is the most significant university of technology in the country and is considered the world's oldest institute of technology which has university rank and structure. It was founded in 1782. More than 110 departments and institutes operate within the structure of eight faculties. About 1100 lecturers, 400 researchers and other degree holders and numerous invited lecturers and practising expert specialists participate in education and research at the Budapest University of Technology and Economics. Approximately 1381 of the university's 21,171 students are foreigners, coming from 50 countries. The Budapest University of Technology and Economics issues about 70% of Hungary's engineering degrees. 34 professors/researchers of the university are members of the Hungarian Academy of Sciences.