Budapest, April 27 (MTI) – China’s Yanfeng Automotive Interiors (YAI) will spend 7.4 billion forints (EUR 23,71m) on expanding its existing unit in Pápa, in western Hungary, the Hungarian foreign minister said on Wednesday.
The government will provide 1.85 billion forints to support the investment which will create 450 jobs, Péter Szijjártó announced at a press conference.
Yanfeng Automotive Interiors is a leading automotive supplier.
The Pápa unit makes interior parts for premium-category passenger cars. It exports 100 percent of its output and employs 1,600 people, Jozsef Vallyon, head of the Hungarian subsidiary, said.
The investment will expand production area by 17,000 sqms from the current 20,000 sqms and will add new production equipment and technology, he added.
Szijjártó noted that Hungary’s automotive sector had a record output worth 7,833 billion forints last year, up by 17 percent from 2014. The sector accounts for more than 31 percent of Hungary’s industrial output. It employs more than 150,000 people.