HungaryTrends – The week in business and finance

See below main business and financial news from the previous week:

Update on the Budapest-Warsaw high speed train!

Earlier this year we reported that a high speed railway service is being planned to link Budapest and Warsaw. New updates on the project were released this week.

Viber and Mastercard bring technological revolution into Hungary

The two major companies used worldwide are introducing a payment system for credit cards that works all day and night. This function can soon be used in Hungary as well, even with the Viber app. Read more HERE.

HUNGEXPO LAUNCHES EUR 165.3m UPGRADE

Budapest fairgrounds Hungexpo started a 55 billion forints (EUR 165.3m) upgrade and expansion in the run-up to hosting the 2020 International Eucharistic Congress and the 2021 World Hunting and Nature Expo. Read details HERE+video.

INFINEON TECHNOLOGIES STARTS HUF 32 BN EXPANSION

German semiconductor manufacturer Infineon Technologies laid the cornerstone of a 32 billion forint expansion at its base in Cegléd, central Hungary. Hungary’s government is supporting the investment, which will create 275 jobs, with a 6.4 billion forints grant. Production at the plant will start at the end of 2021.

HUNGARIAN STARTUP SHAPR3D GETS USD 6 M IN FUNDING

Shapr3D, a Hungarian startup that makes a 3D modelling app for the Apple iPad, said it has received 6 million dollars from venture capital firms which earlier invested in such innovative companies as Spotify, Revolut and Zendesk. The new investments bring Shapr3D’s funding to 7.5 million.

THYSSENKRUPP BREAKS GROUND FOR HUF 17.4BN CAMSHAFT PLANT

Germany’s thyssenkrupp broke ground for the construction of a 17.4 billion forints camshaft plant in Pécs, southwest Hungary. The government is supporting the investment, which will create 200 jobs, with a 5.57 billion grant. The plant will start operating in 2020 and could reach full capacity in 2022.

SENNEBOGEN LAYS CORNERSTONE OF HUF 10 BN PLANT

Terméles-Logistic-Centrum (TLC), which makes steel parts for the material handling equipment manufactured by German parent Sennebogen, laid the cornerstone of a 10 billion forints plant in Liter, northwest Hungary. The government is supporting the investment, which will create 80 workplaces, with a 1.27 billion grant. Production at the plant is expected to start at the end of next year. Read more HERE.

SANOFI OPENS SSC IN BUDAPEST

French pharmaceutical company Sanofi opened a shared services centre (SSC) in Budapest. Headcount at the SSC stands at 100 but will rise to 350 by 2022.

HUF 145 BN DUAL CARRIAGEWAY OPENS IN SE HUNGARY

Local and central government officials inaugurated a 62km dual carriageway that will cut the travel time between the capital and Békéscsaba, near Hungary’s southeastern border, by 25 minutes. The M44 road – the longest stretch of dual carriageway inaugurated in Hungary since 2002 – was constructed at a net cost of 145 billion forints.

Source: mti