Harman undertaking HUF 3.5bn expansion in Hungary

Budapest (MTI) – US audio equipment maker Harman is undertaking a 3.5 billion forint (EUR 11.4m) expansion in Pecs, in south-west Hungary, the foreign ministry said on Thursday.

The investment will create 420 jobs, raising Harman’s headcount in Hungary to over 2,000.

The government is awarding Harman a 750 million forint subsidy for the investment, Foreign Minister Peter Szijjarto told a press conference.

He said Hungarian-US economic cooperation has been a “success story”, with Hungarian exports to the US totalling nearly 4 billion dollars last year, representing 20 percent increase from the previous year. This was mainly thanks to the car industry, where exports to US increased by as much as 40 percent in the same period.

US Ambassador in Hungary Colleen Bell told the event that US-Hungarian trade was a matter of great importance to the US. She added that Washington wants to see even more companies invest in Hungary “which is also why we promote the need for transparency and consultations with the business community about regulations that affect them.” Companies preparing their business plans need to be assured that regulations would not change overnight without preliminary consultations with them, she said.

Harman supplies audio systems to carmakers such as Audi, BMW, Daimler, Porsche and Land Rover.

Photo: MTI

Source: http://mtva.hu/hu/hungary-matters