The headquarters of Denso in Japan – Photo: wikipedia

Szijjarto: Japanese companies in HUF 6.5 billion of Hungary investments

Three Japanese automotive suppliers are making investments of 6.5 billion forints (EUR 18.0m) in Hungary, with Hungarian government support worth 2 billion, Peter Szijjarto, the minister of foreign affairs and trade, said on Tuesday.

Fully 5,300 jobs will be protected as a result, the minister said, adding that the developments will help Hungary maintain its leading edge in Europe’s car industry.

Alpine European Electronics Industry in Biatorbagy, DENSO Manufacturing Hungary in Szekesfehervar and Diamond Electric Hungary in Esztergom are bringing new production technologies and increasing supply capacities to Hungary’s car industry, Szijjarto added, noting that the companies are among the most important car industry suppliers globally.

Fully 173,000 people work in Hungary’s car industry, and in the past ten years the sector’s production value grew two-and-a-half fold to approaching 10,000 billion forints, he added.

Hungary has always aimed to stand on its own two feet economically, he said, consistently building cooperation with the East, primarily in trade and investment, in addition to maintaining western European and north American ties over the past eleven years.

The decision to launch the government’s opening to the East strategy has been vindicated, as demonstrated by a 25 percent increase in trade with Eastern countries over ten years and the fact that most investment came to Hungary from the East in 2019 and 2020, he added.

Szijjarto also said that coronavirus vaccine acquisitions coordinated by Brussels were progressing slower than previously expected. As a result, the government is continuing talks with Eastern suppliers, he added.

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