Published: December 05 2023
Foreign companies are bringing new job opportunities to Hungary through investments in various sectors, including car manufacturing, electronics, and the automotive industry. These investments are contributing to the growth of Hungary's economy and creating employment opportunities for the local population.
LG and Magna's Investment in Miskolc
LG and Magna, a South Korean and Canadian consortium, respectively, are investing 20 billion forints (EUR 52.7m) in building their first European plant in Miskolc, Hungary. The plant will produce parts for electric cars and is expected to start production in 2025, creating 200 jobs. The Hungarian government is supporting the project with a 6.2 billion forint grant.
TDK Hungary's Investment in Szombathely
Appliances and electronics company TDK Hungary Components is investing 3.5 billion forints (EUR 9.2m) in its plant in Szombathely, Hungary. The investment is accompanied by a 1.5 billion forint government grant. The company is taking advantage of a government scheme aimed at saving businesses. This investment will contribute to the growth of the manufacturing sector in western Hungary.
Expansion of Howmet-Kofem in Szekesfehervar
Wheel rim maker Howmet-Kofem, an American-owned company, is investing 17 billion forints (EUR 44.8m) to expand its production capacity in Szekesfehervar, Hungary. This investment is supported by a 5 billion forint grant from the Hungarian government. The expansion will create 80 new jobs and further strengthen the economic ties between the United States and Hungary.
Hungary's Innovative and High-Tech Automotive Industry
Hungary's automotive industry has become a hub for innovation and cutting-edge technology. This was highlighted during the announcement of Howmet-Kofem's capacity expansion. The industry plays a crucial role in Hungary's overall industrial output and economic performance. The sector's performance has been steadily growing, with exports reaching 12,000 billion forints last year and a significant increase in performance expected in 2023.
Foreign investments in Hungary's automotive, electronics, and manufacturing sectors are driving economic growth, creating job opportunities, and enhancing the country's reputation as an innovative hub for advanced technologies. These investments, supported by government grants, highlight Hungary's attractiveness as a destination for foreign businesses and contribute to the development of a strong and sustainable economy.
Questions & Answers
What is the foreign investment in Miskolc, Hungary? A consortium of South Korea's LG and Canada's Magna is investing 20 billion forints in building its first European plant in Miskolc, Hungary. The plant will produce parts for electric cars and is expected to start production in 2025, creating 200 jobs.
How is the Hungarian government supporting the foreign investment in Miskolc? The Hungarian government is supporting the foreign investment in Miskolc with a 6.2 billion forint grant.
Which industry is key to Hungary's economic performance? Car manufacturing is key to Hungary's economic performance, making up 30 percent of the country's industrial output.
What is the expected investment volume and export growth in Hungary this year? Hungary's economy is expected to hit new records this year, with investment volume doubling to 13 billion euros and exports growing by 6-8 percent to 150 billion euros.
What foreign investment is happening in Szombathely, Hungary? Appliances and electronics company TDK Hungary Components is investing 3.5 billion forints in a plant in Szombathely, Hungary. The investment comes with a 1.5 billion forint government grant.
How is the Hungarian government supporting the investment in Szombathely? The investment in Szombathely is receiving funds from a government scheme aimed at saving businesses.
What is the purpose of the capacity expansion at Howmet-Kofem in Szekesfehervar, Hungary? The US-owned company Howmet-Kofem is investing 17 billion forints to expand its production capacity in Szekesfehervar, Hungary. The expansion will create 80 jobs.
Which country has been a key player in Hungary's economic performance in recent years? The United States has been a key player in Hungary's economic performance in recent years.
What was the trade volume between Hungary and the US last year? The trade volume between Hungary and the US reached a record 8 billion dollars last year.
How much did Hungarian automotive exports grow in the past decade? Hungarian automotive exports have grown 3.5-fold in the past decade, surpassing 12,000 billion forints last year.
What is the expected trade increase between Hungary and Japan? Bilateral trade between Hungary and Japan was worth 2.5 billion euros last year, showing a 23 percent increase in the first 9 months of the year.