PHOTOS: French company invests a lot of money in Hungary to build new plant

French-owned Schneider Electric on Friday laid the cornerstone for a 16 billion forint plant it is building in Dunavecse, in central Hungary.

The investment creating 500 jobs is supported by a 2.3 billion forint government grant, Péter Szijjártó, the minister of foreign affairs and trade, said at the ceremony. The plant, Schneider Electric’s fifth in the country, will make medium-voltage equipment for electrical distribution systems, the minister said.

Szijjártó noted that French businesses form the sixth largest group of foreign investors in Hungary, and bilateral trade was worth 10 billion forints last year, with Hungarian exports accounting for 6 billion euros. Schneider Electric employs around 2,000 people in the country at four plants, a logistics base and two shared service centers.

Here are some photos:

And a video:

Source: MTI