New Investments by Hanon Systems, Continental & Sisecam Group

  • 8 Jun 2021 10:06 AM
  • Hungary Matters
New Investments by Hanon Systems, Continental & Sisecam Group
South Korean-owned Hanon Systems Hungary is investing 18 billion forints (EUR 52.0m) into expanding capacity at its plant manufacturing climate systems for electric cars, Péter Szijjártó, the minister for foreign affairs and trade, said on Monday.

The government is supporting the investment with a 4.6 billion forint grant, he added. The investment will create 40 jobs, pushing the number of Hanon employees in Hungary over 2,000, Szijjártó said.

The foreign ministry had the opportunity to announce three investments with a total value of 96 billion forints on Monday alone, a sign of the successful relaunch of the economy, Szijjártó said.

He called South Korean companies important investors and good partners in developing technology. Bilateral trade volume has jumped by 28% last year, followed by a 25% growth in the first quarter of 2021.

Meanwhile, South Korea is among the five largest investors in Hungary, he said.

Besides Hungary’s successful inoculation campaign and its economic policy focusing on job creation, the relaunch of the Hungarian economy has also been successful thanks to the country’s strengthened ties with the Far East, which is increasing its influence in the world economy, he said.

Continental Invests HUF 4.2 Billion in Capacity Expansion

Car parts supplier Continental Automotive Hungary will invest 4.2 billion forints (EUR 12.1m) to expand capacity at its R&D centres in Budapest and Veszprém, in western Hungary, Péter Szijjártó, the minister of foreign affairs and trade, said on Monday.

The government is supporting the investment, which will preserve hundreds of jobs and create 70 new, high value-added ones, with a 1 billion forint grant, Szijjártó said.

Continental’s investment concerns artificial intelligence and software development, including that of sensor systems, the minister said.

The investment will be of key importance in a “revolutionary era” of the auto industry that will see increased reliance on AI and software development, he said.

Sisecam To Build HUF 73 Billion Glass Packaging Plant in Kaposvár

Turkish glass company Sisecam is investing 73 billion forints (EUR 211.0m) to build a glass packaging plant in Kaposvár, in south-western Hungary, the minister of foreign affairs and trade said on Monday.

The investment will create 330 jobs, Péter Szijjártó told a press conference, adding that the government is supporting the project with a 12.5 billion forint non-refundable grant.

The plant, which will be Sisecam’s first glass packaging factory in Europe, will have the capacity to produce 330,000 tonnes of glass packaging material a year, Szijjártó said, adding that the investment would also help boost Hungary’s glass industry.

Szijjártó said Sisecam’s investment was the latest to vindicate the Hungarian government’s policy of opening up to the East, in which he said Turkey was a key player.

The Sisecam Group is the world’s second largest manufacturer of glass products. It has 43 plants in 14 countries and exports its products to 150 countries.

MTI Photo: Tibor Illyés

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