German-owned car parts supplier Continental will build a 100 million euro 7,000 sqm parts plant in Debrecen, in eastern Hungary, Péter Szijjártó, the foreign affairs and trade minister, announced in Budapest on Wednesday.
The government is supporting the investment, which will create 450 jobs, with a 10.6 billion forint (EUR 34m) grant, Szijjártó said.German-owned car parts supplier Continental will build a 100 million euro 7,000 sqm parts plant in Debrecen, in eastern Hungary
The future of Hungary’s economy depends on whether the auto industry, as the leading sector of the “new industrial revolution”, will continue to contribute to economic growth, he said.
Szijjártó said that through the various investments that have received government support over the years, Debrecen had become a regional industrial hub not just by its population count but its economic strength, too.
Continental board member Jose Avila said the company had picked Debrecen for the investment because of the excellent infrastructure and well-trained workforce. Construction of the plant, which will make mechatronic products, sensors and transmission control units, will start in the second half of the year, he added.
Continental employs about 8,000 people at six plants and a commercial centre in Hungary.
Featured image: MTI