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Another HUF 17 billion investment by Chinese Chervon Auto in Miskolc

It will use high-tech equipment to produce metal castings for electric vehicles.

According to Minister of Foreign Affairs and Trade Péter Szijjártó, the state will provide HUF 4 billion to support the development, which will create 122 new jobs. 

This will include an expansion of capacity at the company’s Miskolc parts production plant, the construction of which was announced last year as the company’s first greenfield investment outside China.

“The technological development advantage the West had in the past has somewhat evaporated; the financial strength behind Eastern companies has increased significantly, and they have always been better off than us in terms of labor,” he said.

Szijjártó said that it was extremely important to announce the strategy of opening up to the East, which is now clearly a success story, as it has opened up new markets and development resources. Hungarian exports to Eastern countries have increased by 45 percent, trade has grown by 48 percent, and in the last three years, most investments have come from the East, he said.

The FM further noted that the value of Hungarian exports increased by 20 percent to 2.5 billion dollars, while total trade turnover grew by 11 percent to a record  USD 12 billion, a trend that has continued this year.

He underlined that in Hungary, nearly 300 Chinese companies now employ around 20,000 people, which is a great benefit for the domestic economy in all aspects.

Finally, the minister stressed that the countries that will be successful in the future are those that are able to attract investment in the new era of the automotive industry, and Hungary is one of the leaders of the European electric car industry, a position that will be further strengthened in the future.

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