The BMW project will be made with more than 1 billion euros and will receive a state subsidy from the Hungarian government in the amount of 12.3 billion forints.Continue reading
Italian automotive industry supplier Novation Tech is investing 1.3 billion forints (EUR 3.7m) at its base in Szeghalom, in south-eastern Hungary, the minister of foreign affairs and trade said on Thursday.
The government is supporting the investment, which will create at least 50 jobs, with a 450 million forint grant, the foreign ministry cited Péter Szijjártó as saying.
The minister said Novation Tech’s investment was a further testament to the economic progress seen in rural Hungary, adding that there was an increasing number of companies based in the countryside that could be successful on the global market.
The output of Hungary’s automotive industry came to 8,700 billion forints by November last year, 90 percent of which was produced for export, Szijjártó said.
Thanks to the “bold strategic decisions” taken by the government over the course of the coronavirus pandemic, Hungary saw a record 1,886 billion forints’ worth of investments last year, he said. Employment in the country is at its highest since the change of regime 32 years ago and exports came to a record 119 billion euros in 2021, he added.
Featured photo by Péter Lehoczky/MTI