Budapest (MTI) – India’s Apollo Tyres laid down the cornerstone for a 146 billion forint (EUR 490m) tyre factory in Gyongyoshalasz in northern Hungary on Friday.
“Apollo Tyres is investing in a country where economic growth is among the highest in Europe and which has set cutting unemployment to 3 percent as an objective,” Prime Minister Viktor Orban said in his address at the ceremony.
“The world around us is going to change completely in 4-5 years’ time. Any nation that wants to remain competitive must become part of the modern technologies,” he said.
This is the Indian company’s first greenfield investment in Europe.
The investment project, expected to create 975 new jobs, was announced in September last year by company and government officials.
The plant is expected to turn out tyres for 16,000 cars and 3,000 light commercial vehicles per day for the European market, including Russia and Turkey.