Chinese electric car maker BYD will build its first plant in Europe at Szeged, in southern Hungary, the minister of foreign affairs and trade said on Friday.
The foreign ministry quoted Péter Szijjártó as calling the project “one of the most significant investments in the history of Hungary’s economy creating thousands of jobs”. The new plant will be Hungary’s sixth car producer, he added.
The Hungarian government will provide a grant to assist the project, Szijjártó said, but added that the exact amount would not be disclosed before the European Commission granted its consent.
The new project will further strengthen the Hungarian economy, “the foundations for long term growth, and Hungary’s position in the global transition to electric cars”, the minister said. He added that BYD is the world’s biggest electric carmaker. He highlighted in a Facebook post that the government and the Chinese company had 224 rounds of negotiations.
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1 Comment
Profits returned to China.
No retention of profits back into Hungary.
Those employed at “exploited” low levels of wages, this will be the only gain for Hungary, by taxes they pay to the Government.
This on-going “open slather” come do as you please and wish of Chinese investment into Hungary, does NOT build capital into Hungary, which in our economy at this present point needs to massively focus on and build on.
Victor Orban & Mihaly Varga have demonstrated quite clearly over 14 years in “Partnership” they don’t CAPITAL for the Future of Hungary is a NEED.
That thought process is WRONG.