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Szijjarto: Hungarian car industry innovative, high-tech

Hungary's automotive industry has become innovative and uses cutting-edge technology, Peter Szijjarto, the minister of foreign affairs and trade, said at the announcement of a capacity expansion at wheel rim maker Howmet-Kofem in Szekesfehervar, in central Hungary.

The US-owned company is investing 17 billion forints (EUR 44.8m) to expand production capacity, Szijjarto said on Tuesday. The government is supporting the investment, which will create 80 jobs, with a 5 billion forint grant, he added.

The US has been a key player in Hungary’s economic performance in recent years, Szijjarto said. Trade volume between the two countries reached a record 8 billion dollars last year, and has grown by a further 11 percent this year, he said.

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