Japan’s SIIX Corporation, the world’s 13th biggest company in its sector, is investing HUF 6.4 billion (EUR 20.6m) in building a new plant in the town of Nagykőrös, 95 kilometres southeast of Budapest, with a non-refundable government grant of HUF 1.3 billion, news agency MTI reported.
The electronic components maker’ new plant is expected to start operations in the third quarter of next year, said Koji Yanase, CEO of SIIX Europe GmbH, adding that the plant is expected to create 300 new jobs. At its 16,800 square-meter Hungarian plant SIIX will produce electronic parts for industrial machinery, automotive products and household machinery, with a special focus on fulfilling the outsourcing and logistics needs of the companyʼs European partners.
SIIX Corporation has released the following statement regarding its new investment in Europe: “Hungary is a member of the V4 (Visegrad Four) and is situated in the center of Europe, with advantageous geographic access to European cities. It also boosts a high quality labor force, and has achieved stable economic growth in recent years as one of Europe’s representative production centers. At the new plant, we will start business for new cusomers and different forms of business. By doing so, we will satisfy the detailed needs of European customer companies throughout Europe under the cooperation of our sales bases in Germany, the Slovakia plant, and the Hungary plant.”
Unveiling the investment, Hungarian foreign and trade minister Péter Szijjártó told a news conference that from 1st of January 2017 “Hungary’s state investment-promotion system would be overhauled so that budget support for investments is funnelled to companies not only on the basis of how many jobs they create but also taking into account their technological standards and value-added.” Szijjártó said that central funding would be available to companies that bring new types of technology to Hungary as well as those that maintain existing workforce levels. Further, the support system for training will also be transformed so as to ensure that part-time workers also gain access, he said.
Szijjártó added that the government’s economic policy prioritises harnessing the flow of capital from east to west in Hungary, which already receives the highest capital investment among central European countries from East Asia. Fully 151 Japanese companies have operations in Hungary—including 46 with production capacities—employing around 30,000 people and using cutting-edge technologies.
via hungarymatters.hu, MTI and siix.co.jp