Japanese automotive industry supplier Denso inaugurated a 18.5 billion forint (EUR 55m) logistics centre at its Hungarian base in Székesfehérvár, in central Hungary, on Friday.

The company received a 1.5 billion forint grant from the Hungarian government to the project, Péter Szijjártó, the foreign affairs and trade minister, said at the ceremony.

He noted that Denso is the world’s third largest automotive supplier present in 35 countries employing over 4,000 people in Hungary.

Japan is the second largest Asian investor in Hungary with 160 businesses operating in the country and employing over 33,000 people, the minister said.

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