The Foreign Minister pointed out that it is a "life insurance" that Hungary has become inescapable in the European automotive industry.Continue reading
The investment by the US automotive parts manufacturer Dana, worth around 36 billion forints (97,6 million euros), will create 300 new jobs in Győr, western Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Tuesday.
The Minister said that the company will manufacture electric drive units and battery cooling products at its existing plant. The state will support the development with 6.6 billion forints (17,9 million euros).
In his speech, Péter Szijjártó stressed that the government’s response to the serious economic challenges of recent years has been successful, despite the fact that it has been far from the mainstream, in a sense that they decided to support investment and prevent unemployment rather than austerity.
Last year, despite the black year for the global economy, Hungary delivered a record performance in all major industrial sectors, and the automotive sector was no different,”
he said.
The Foreign Minister recalled that the annual production value of the automotive industry in 2022 exceeded 12,000 billion forints (32,5 billion euros), which is a huge record despite the crisis. He added that this is about three and a half times the 2010 figure and 33 percent more than in 2021.
He stressed that the international competitiveness of the sector, which employs 150,000 people, is demonstrated by the fact that the export share of the sector is around 91 percent, i.e. 91 percent of the products manufactured in Hungary are sold on foreign markets.
Featured photo MTI/Szigetváry Zsolt