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The German automotive supplier ZF will create more than 300 new jobs in Kecskemét (central Hungary) and Debrecen (eastern Hungary) with a HUF 24 billion (EUR 62.6 million) investment, reports Világgazdaság.
Minister of Foreign Affairs and Trade Péter Szijjártó said that the German-owned ZF Chassis Modules Hungary Kft. will manufacture shock absorbers and front and rear axles for electric cars to be produced at BMW’s Debrecen and Mercedes’ Kecskemét plants from 2025.
The project is worth HUF 24 billion (EUR 62.6 million), with the state providing HUF 2.4 billion (EUR 6 million) in funding, helping to create 313 new jobs in the two cities for the company, already employing almost 2,000 people in Hungary,
he emphasized.
Szijjártó pointed out that the construction of the BMW and Mercedes factories has attracted investment from a number of German suppliers to Hungary, while there is fierce international competition for similar developments, as in the case of ZF, which is present in 32 countries around the world. He noted that
this investment decision also shows that in the current uncertain situation, Hungary’s stability has become extremely valuable, as it can provide the preconditions for economic growth.
The politician also stressed that there is no threat to supply, as the government sees the issue as a physical rather than an ideological one, and that natural gas storage facilities are full, the new nuclear power plant is under construction, and the networks have been interconnected with neighboring countries.
The minister also referred to economic security and emphasized that continuous investment is required, as the more jobs that can be created, the sooner challenges can be addressed. On the latter, he praised the success of the Hungarian economy, recalling that despite the crises of recent years, last year it managed to break records for investment, exports, and employment, and that this year it is expected to reach new highs. He also added that the automotive industry plays a huge role in this success story, with Hungary leading the way in the electric transition, which is rare in technological revolutions due to the size of the country.
Minister Szijjártó welcomed the fact that
German investments are constantly coming to Hungary, and more importantly, the companies already here are constantly choosing to develop.
Via Világgazdaság, Featured image via Photo: Facebook/BMW Group