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Bosch to invest HUF 70 billion in logistics, manufacturing in Hungary

Robert Bosch Power Tool, a local unit of German engineering giant Bosch, has announced a 70 billion forint (EUR 183.0m) investment to set up a logistics centre and expand battery and tool manufacturing capacity in Miskolc, in northern Hungary, Peter Szijjarto, the minister of foreign affairs and trade, said on Friday.

The government is supporting the investment with a 10 billion forint grant, he said.

Hungary has weathered the past years’ crises well thanks to “one of the most competitive tax systems in the world, which created the most attractive environment to investors in central Europe,” he said.

Despite all difficulties, Hungary’s economy grew by 4.6 percent last year, the number of jobholders was above 4.7 million for six consecutive months, and exports jumped by 19 percent to 142 billion euros, he said.

Meanwhile, investments worth 6.5 billion euros flowed into Hungary last year, creating high value-added jobs, he said.

Bosch, which employs some 20,000 people in Hungary, has brought hundreds of billions of forints worth of investments to Hungary in the past years. The investments helped improve Hungarian technology, Szijjarto said. Bosch is contributing to the government’s goal to “reindustrialisation and to move from Made in Hungary towards Invented in Hungary,” he added.

German companies are the largest group of investors in Hungary, and bilateral trade between the two countries hit a record 60 billion euros by November last year, he said.

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