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Kirchhoff Hungaria to invest HUF 20 billion in parts production

German-owned Kirchhoff Hungaria will invest 20 billion forints (EUR 53.5m) in hybrid and EV body parts production at bases in Esztergom and Dorog, in northern Hungary, the minister of foreign affairs and trade announced on Wednesday.

Competition for the investment was “enormous”, Peter Szijjarto said, noting that parent company Kirchhoff has plants in eleven countries.

The investment will boost Kirchhoff Hungaria’s headcount, which stands over 700, by 80, he said.

The foreign minister welcomed the investment as an evidence of “unwavering confidence of German investors in Hungary”.

German businesses continue to be the largest foreign investors in Hungary, Szijjarto noted, adding that 6,000 German-owned companies are operating in the country employing more than 300,000 people.

Bilateral trade last year totalled a record 60 billion euros, up 12 percent on the previous year. Its volume has totalled 24 billion euros already in the first four months, which points towards a new record to be reached at the end of the year, the foreign minister said.

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