Huge investment: Chinese automotive company to open a factory in Hungary

Third of the most valuable Hungarian companies have some connections to the automotive industry, and it seems another investment is to give a boost to the local suppliers as well, reports Forbes.hu.

Hungary realised in time that the Chinese market holds great opportunities for quality Hungarian products and services – said Péter Szijjártó, minister of foreign affairs and trade on Sunday for the public media after opening a Hungarian trade centre in Shanghai, the economic headquarter of China.

Szijjártó stated the Chinese enterprises are considerably interested in Hungarian investment opportunities, which are exponential in the automotive industry.

“An agreement is on the line with one of the biggest Chinese automotive supplier. This is a significant investment meaning a more than USD 110 million project in Eastern Hungary, which will be the first factory of the firm outside China”

– he highlighted.

The minister of foreign affairs states that the details and the name of the company are soon to be revealed.

Jaguar announced this week they will open a development centre in Budapest employing 100 people, while BMW earlier published they will build a new factory in Debrecen;

meanwhile, Mercedes-Benz is constructing its second factory in Kecskemét.

As we wrote it earlier, Forbes published the list of the top 100 most valuable Hungarian companies this week. 26% of these companies are related to the automotive industry. This means almost the third of the companies fully owned by Hungarians and this rate is about to get higher in the future.

Source: Forbes.hu