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Szijjarto: LG, Magna investment to create 200 jobs

A consortium of South Korea's LG and Canada's Magna is investing 20 billion forints (EUR 52.7m) in building its first European plant turning out parts for electric cars, in Miskolc, in north-east Hungary, the foreign minister said in Budapest on Tuesday.

According to a ministry statement, Peter Szijjarto said production is slated to start in 2025 at the plant which is creating 200 jobs, and the government is supporting the project with a 6.2 billion forint grant, Szijjarto said.

Hungary’s economy is expected to hit new records this year, with investment volume doubling to 13 billion euros and exports growing by 6-8 percent to 150 billion euros, he said.

Car manufacturing, which makes up 30 percent of Hungary’s industrial output, is key to that performance, he added. Since vehicles are the source of some 20 percent of all emissions, realistic climate protection goals are also impossible without curbing them, he said.

Hungary’s automotive exports have grown 3.5-fold in the past decade, last year surpassing 12,000 billion forints, he said. This year, the sector’s performance grew by 18 percent in the first 11 months, he said.

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