Liechtenstein-based Neutrik Group will invest 3.6 billion forints (EUR 9.1m) in a new plant in Ózd, in northern Hungary, Péter Szijjártó, the minister of foreign affairs and trade, said on Thursday.
The investment, which is supported by a 1.4 billion forint government grant, will create 300 jobs, Szijjártó said. Workers will manually assemble electronic connectors, he added. The plant will take over the facilities of Johnson Electric, which recently closed its gates in Ózd, Szijjártó said.
Despite the uncertainties of the past two and a half years, the Hungarian economy concluded its best year on record in 2021, Szijjártó said. Although the erstwhile mining town has seen two factories close during that difficult period, they have been replaced swiftly, he said.
The investment will boost Hungary’s electronic industry, he said. The sector, which grew by 21 percent last year alone, currently employs some 140,000 people, he said. The sector grew by a further 16 percent in the first four months of 2022, bringing production value during the period to 3,000 billion forints, he said.
Political ties between Hungary and Liechtenstein are “active and based on mutual respect”,
and bilateral trade turnover reached a record 60 million euros last year, he said.