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Hungary has become the primary target of China's investment in Central Europe! China will have another major investment project


Hungary is one of the flagships of the European automotive industry, so both the large automotive companies and the supplier companies serving them continue to arrive in large numbers, said Minister of Foreign Affairs and Trade Péter Szijjártó on Thursday.


The head of the ministry took part in the foundation stone of the new investment of the Chinese automotive company Chervon Auto in Miskolc, where a production hall worth HUF 17.5 billion will be established in the first phase, for which the state will provide HUF 5.3 billion in support, creating 138 new jobs in the city.


Production may start in the second half of next year, in addition to which research and development activities will be carried out at the new plant.


Chervon Auto is making its first greenfield investment outside China in Miskolc, where it will manufacture automotive metal parts, initially with a capacity of two million units per year. This will make it easier to serve European partners, which will hopefully pave the way for further developments in Hungary, which could be the starting point for international expansion.


The minister said that although the automotive industry is undergoing a revolutionary renewal, the company will be able to provide the highest technology parts for both conventional and electric propulsion. "As Hungary plays in both leagues (.), It is important that we get rich with a supplier company that can perform two functions," he said.


In his speech, Péter Szijjártó stated that "the cooperation with China, which is highly rational, pragmatic and based on mutual respect, has brought very serious economic benefits to the country."


He also pointed out that bilateral economic relations only intensified during the coronavirus epidemic. The value of trade turnover grew 21 percent in the first eight months of this year, reaching $ 8 billion by the end of August. In his opinion, this greatly contributed to the rapid restart and growth of the Hungarian economy.


Finally, it reported that Northeast Hungary has now become one of the engines of economic growth.


Since 2014, the government has supported the investment of 49 companies in Borsod-Abaúj-Zemplén County. These companies carried out improvements worth more than HUF 1,000 billion, which created 5,500 new jobs, he underlined.


Sources of article/picture: Hungary Today


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