Minister of Foreign Affairs and Trade Péter Szijjártó said the factory on a 400-hectare plot on the outskirts will use cutting-edge technology. It will have capacity to manufacture 150,000 vehicles a year and will start off with 1000 employees.

# The site of the BMW factory will look very different in a few years

Szijjártó said BMW will take ownership of the site in the second half of next year and will begin recruiting next year, noting that the investment will boost Hungary's competitiveness and further strengthen Hungarian-German economic relations.

New technologies are constantly changing criteria for success, he said, adding that companies are continually competing for the application of new technologies while countries are always on the eye out for investment. This new era had an especially big impact on open economies such as Hungary's.

Szijjártó said Hungary's entry to this competition comes along with low taxes, flexible labour regulation, dual vocational training and high-quality IT and technical training. Investments are growing year after year and last year outperformed with 96 new projects.

# Péter Szijjártó (center)

The minister said one of the world's largest and most cutting-edge carmakers had decided to increase production capacity in Europe and chose Hungary in which to do it, after having considered several European cities over 14 months of weighing the decision.

BMW could start production at a plant in Hungary around 2023, German daily Stuttgarter Zeitung said a day after the announcement. A spokesperson for the company confirmed for the paper that the plant would turn out both cars with combustion engines and electric motors, but said a decision on exactly which models had not yet been taken. BMW would not make the MINI brand at the plant.

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