The cornerstone of a Siemens turbine blade manufacturing plant was laid at the German company’s Power and Gas base in Budapest on Tuesday.
Addressing the ceremony, Hungary’s minister of foreign affairs and trade said Siemens had selected Hungary as a base for producing cutting-edge technology.
The company will invest 10 billion forints (EUR 32.57m) to build the 10,000-sqm production hall as an extension to the 7,500-sqm plant, Péter Szijjártó noted. The investment will create 150 jobs, he added.
The new facility, which will be up and running in 2019, is particularly important today when the world’s energy industry is undergoing transformation, with renewables and nuclear energy gaining significance, the minister said. This new investment by Siemens, a leading global power plant company, will elevate Hungary to the top echelons in a new sector, he added.
The investment is a collective step in taking the Hungarian economy and its industry into a digital age which emphasises R+D+I, Szijjártó said.
There is fierce competition among countries today to attract investments based on R+D+I by companies that are becoming leaders in a new industrial age, Szijjártó said, adding that these companies create jobs and offer competitive salaries while representing higher value-added.
Hungary offers such companies a partnership, having created Europe’s most favourable investment environment, the minister said.
Germany and Siemens are Hungarian strategic partners, the minister said, noting that the company employs 3,000 people at its local plants.
Dale A. Martin, Siemens’ chief executive, said that continuity, innovation and expertise all played an important role in the company’s success in Hungary.