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Car manufacturers, suppliers creating ‘upward spiral’, minister says

The investments of automotive suppliers are drawing manufacturers to Hungary and vice versa, creating an "upward spiral" in the Hungarian economy, Peter Szijjarto, the minister of foreign affairs and trade said on Thursday, receiving an award at an event organised by the subsidiaries of Indian-owned Motherson Group.

Szijjarto noted that earlier in the day he signed an agreement with the automotive giant’s leadership on a 33 million euro investment to expand capacity at the company’s plants in Kecskemet, Mosonszolnok, Mosonmagyarovar and Turkeve.

The government is supporting the investment with a 6.6 million euro grant, he added.

Motherson currently employs over 3,000 people in Hungary, he said.

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