Video: Flex Films To Build HUF 23 Billion Plant In N Hungary

  • 22 Nov 2018 7:05 AM
  • Hungary Matters
Video: Flex Films To Build HUF 23 Billion Plant In N Hungary
India’s Flex Films, which makes flexible plastic packaging, will build a 23 billion forint (EUR 71.5m) plant in Rétság, in northern Hungary, the foreign affairs and trade minister said.

The government is awarding Flex Films a 2.8 billion forint grant for the investment which will create 170 jobs, Péter Szijjártó said. The plant will be Flex Film’s second in Europe after the one in Poland.

Szijjártó said there was considerable regional competition for the investment and a three-year cooperation agreement between Invest India and the Hungarian investment agency played an important role in winning over Flex Films.

India is currently the ninth most important investor in Hungary and as a result of these investments bilateral trade grew to 665 million dollars last year, he added. In the first eight months of this year, Hungarian exports grew by 22% and trade turnover by 9%, he said.

Indian companies have played an important role in Hungary’s 5% GDP growth in the third quarter, which is more than double of the European average. This shows that it is realistic to expect that Hungary’s economic growth will remain over 4% in the long term, he said.

MTI Photo: Máthé Zoltán

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this twice-daily newsletter covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI. Click the title above for more info, and to subscribe.

Explore More Reports

  • Tata Opens Digital Competency Office In Budapest

    Tata Opens Digital Competency Office In Budapest

    • 27 Jan 2020 8:59 AM

    Indian tech giant Tata Consultancy Services (TCS) inaugurated its new digital competency office in Budapest which will raise the company’s headcount in Hungary from 2,500 to 3,000.