South Korean, Japanese, American companies invest in Hungary creating lots of jobs – UPDATED

Appliances and electronics company TDK Hungary Components is investing 3.5 billion forints (EUR 9.2m), which comes with a 1.5 billion forint government grant, at a plant in Szombathely, in western Hungary, the company announced on Tuesday. Szijjártó welcomed the announcement, saying the project is receiving funds from a government scheme aimed at saving businesses.

In a speech, Szijjártó highlighted the Hungarian economy’s “huge achievements even during the black years of the global economy”. He noted last year’s record investments, exports and employment, adding that new records were expected in all three areas in 2023.

Japanese companies currently make up Hungary’s 9th largest investment community, employing nearly 40,000 people, Szijjártó said. Bilateral trade was worth 2.5 billion euros last year, showing a 23 percent increase in the first 9 months of the year, he added. TDK Hungary will deploy a heat pump system and solar panels at its Szombathely plant.

Hungary’s automotive industry has become innovative and uses cutting-edge technology, Szijjártó said at the announcement of a capacity expansion at wheel rim maker Howmet-Kofem in Szekesfehervar, in central Hungary.

The US-owned company is investing 17 billion forints (EUR 44.8m) to expand production capacity, Szijjártó said on Tuesday. The government is supporting the investment, which will create 80 jobs, with a 5 billion forint grant, he added.

The US has been a key player in Hungary’s economic performance in recent years, Szijjártó said. Trade volume between the two countries reached a record 8 billion dollars last year, and has grown by a further 11 percent this year, he said.

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Coca-Cola inaugurates HUF 8.7 bn expansion near Budapest

Coca-Cola HBC Magyarorszag inaugurated a 8.7 billion forint (EUR 23m) expansion at its bottling plant in Dunaharaszti, on the outskirts of Budapest, on Tuesday.
The 3,000sqm addition will boost capacity at the soft drink maker’s base by 30 percent, the minister of foreign affairs and trade said at the ceremony. The state supported the investment with 740 million forints, Szijjártó said. US-owned Coca-Cola HBC Magyarorszag buys two-thirds of its feedstock from local suppliers and exports its products to 17 countries, he noted.

US companies form the second largest community of foreign investors in Hungary, the foreign minister said. Their investments last year reached over a record 8 billion dollars, he said, adding that with an 11 percent increase, a new record was expected to be set this year.

Hungary to fight ‘serious battles’ to protect sovereignty

Hungary will have to fight “serious battles” in the coming months to preserve its sovereignty, Foreign Minister Peter Szijjarto said in a video on ruling Fidesz’s Facebook page on Tuesday.

The minister said Europe’s economy and physical security faced “dramatic challenges”. While the war in neighbouring Ukraine has been going for a year and a half now, Hungary is under constant migration pressure, and “Brussels is always forcing solutions that would create a kind of superstate”, Szijjarto said. “The more Hungarians that support the government, the greater its chances will be in emerging victorious from these battles,” he said, urging the public to fill out the National Consultation survey.