Published: December 07 2023
TDK Hungary recently announced a HUF 3.5 billion investment in Budapest, which will have a positive impact on the city's economy. The project is receiving funds from a government scheme aimed at saving businesses.
Contribution to Budapest's Economy
The investment by TDK Hungary is expected to boost the economy of Budapest. The minister of foreign affairs and trade, Péter Szijjártó, praised the Hungarian economy's "huge achievements even during the black years of the global economy." He highlighted last year's record investments, exports, and employment, and predicted that new records would be set in all three areas by 2023. Japanese companies, including TDK, are a significant part of Hungary's investment community, employing nearly 40,000 people.
Bilateral Trade Growth
Szijjártó also mentioned the positive trend in bilateral trade between Hungary and Japan. He stated that bilateral trade was worth 2.5 billion euros last year, with a 23% increase in the first 9 months of the year. This highlights the strong economic relationship between the two countries.
TDK's Sustainable Solutions
As part of their investment, TDK Hungary will be implementing sustainable solutions at their Szombathely plant. This includes deploying a heat pump system and solar panels, which will contribute to the reduction of their environmental footprint and support the country's efforts towards sustainability.
The HUF 3.5 billion investment by TDK Hungary is expected to have a significant positive impact on Budapest's economy. It reflects the continuous growth and success of the Hungarian economy, as well as the strong economic relationship between Hungary and Japan. The implementation of sustainable solutions by TDK also highlights their commitment to environmental responsibility.
Questions & Answers
What is the TDK investment in Budapest? TDK Hungary is investing HUF 3.5 Billion in Budapest.
Where is the TDK plant located? The TDK plant is located in Szombathely, Hungary.
Why is the TDK project receiving funds from the government? The TDK project is receiving funds from a government scheme aimed at saving businesses.
What is the significance of Japanese companies in Hungary? Japanese companies currently make up Hungary's 9th largest investment community, employing nearly 40,000 people.
What was the value of bilateral trade between Hungary and Japan last year? Bilateral trade between Hungary and Japan was worth 2.5 billion euros last year.
What is the expected outcome of last year's investments, exports, and employment in Hungary? Hungary expects new records in investments, exports, and employment for the year 2023.