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Alpine will expand its capacities in Biatorbágy (near Budapest) with a HUF 21 billion (EUR 52.4 million) development, for which the government will provide HUF 3 billion (EUR 7.5 million) in funding, the Foreign Minister said at the announcement of the Japanese electronics company’s investment. He welcomed the fact that this will further boost Hungarian export performance and that the investment will use renewable energy.
Péter Szijjártó noted that the automotive and electronics industries are increasingly closely linked, and such investments are therefore of particular importance in Hungary, one of the main flagships of the European automotive industry. He added that in the past ten years, 172 major investments in electronics have been made in the country, worth a total of HUF 9,000 billion (EUR 22.5 billion).
In order to secure full employment in Hungary, to secure everyone’s jobs, we need new factories, this year 100 new factories. And we are pleased that today we can announce another investment in this line,”
he said.
Minister Szijjártó stated that the Eastern Opening strategy is one of Hungary’s biggest economic successes of the past 15 years. He stressed that Hungary opposes an economic Cold War and has benefited significantly from East-West cooperation.
Speaking at Alpine’s… pic.twitter.com/3u1jiqLMRl
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The minister stressed that the investment will further strengthen Hungarian-Japanese relations, and also recalled that over 200 Japanese companies are currently operating in Hungary, providing jobs for some 30,000 people. “In the past ten years, we have supported 72 major Japanese investments, worth almost HUF 650 billion (EUR 1.6 billion),” he said.
In this context, he praised the success of the strategy of opening up to the East. He stressed that the huge changes of recent years had brought an end to the unipolar world economic system, and that the Eastern countries had not only caught up with the West in terms of technological standards and development resources, but had also overtaken it in many respects. He pointed out that
while in the 2010s, 80 percent of all investment in the world came from Western capital and only 20 percent from Eastern capital, this ratio has now been completely reversed.
The minister also pointed out that the three largest investors in Hungary in 2022, were all Asian countries: China, South Korea, and Japan.
He underlined that Hungary is at the forefront of closer economic cooperation between East and West, and is benefiting greatly from it. “Hungary has become a meeting point for Eastern and Western investment here in Europe. We have refused to participate in the economic cold war and we are also against the idea that the world should be divided into blocs again,” he said.
Via MTI, Featured image: Facebook/Alpine Európai Elektronikai Ipari Kft