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The Robert Bosch Power Tool Kft. announced an investment of almost 70 billion forints (183 million euros) in Hungary to establish a logistics center and expand the production of hand tools and batteries in Miskolc, northern Hungary by the end of 2024, Minister of Foreign Affairs and Trade Péter Szijjártó said on Friday.
The company was founded in Miskolc in November 2001, and now employs more than 3,800 people. In total, the German Bosch employs around 20,000 people in Hungary.
Szijjártó stressed that the world economy had been turned upside down twice in the past three years, but
Hungary did not only perform well in an extremely difficult period, but last year achieved a “triple record,” breaking records for employment, investment, and exports.
“This has helped us achieve our objective of making Hungary a kind of local exception in the recession that is surrounding us,” he said, adding that the success is based on stimulating investment and maintaining one of the most competitive tax systems in the world, which make Hungary the most attractive investment environment in Central Europe.
Szijjártó stressed that in 2022, despite all the difficulties, the economy grew by 4.6 percent, the number of people employed was above 4.7 million for six consecutive months, and exports reached 142 billion euros, after a 19 percent expansion.
In addition, he pointed out that Hungary has attracted 6.5 billion euros of investment, creating high-value-added jobs. The minister said that Bosch’s investments serve two of the government’s goals at the same time: re-industrialization and the shift from “Made in Hungary” to “Invented in Hungary.” “So Bosch is not only bringing investment volume to Hungary, which in recent years has been worth hundreds of billions of forints, but its investments are also significantly raising the technological standard of the Hungarian economy,” he explained.
Featured photo via Facebook/Bosch Magyarország