German Giant to Invest a Fresh HUF 70 Billion in Hungary

  • 20 Feb 2023 8:13 AM
  • Hungary Matters
German Giant to Invest a Fresh HUF 70 Billion in Hungary
Robert Bosch Power Tool, a local unit of German engineering giant Bosch, has announced a 70 billion forint (EUR 183.0m) investment to set up a logistics centre and expand battery and tool manufacturing capacity in Miskolc, in northern Hungary, Péter Szijjártó, the minister of foreign affairs and trade, said.

The government is supporting the investment with a 10 billion forint grant, he said. Hungary has weathered the past years’ crises well thanks to “one of the most competitive tax systems in the world, which created the most attractive environment to investors in central Europe,” he said.

Despite all difficulties, Hungary’s economy grew by 4.6% last year, the number of jobholders was above 4.7 million for six consecutive months, and exports jumped by 19% to 142 billion euros, he said.

Meanwhile, investments worth 6.5 billion euros flowed into Hungary last year, creating high value-added jobs, he said.

Bosch, which employs some 20,000 people in Hungary, has brought hundreds of billions of forints worth of investments to Hungary in the past years. The investments helped improve Hungarian technology, Szijjártó said.

Bosch is contributing to the government’s goal to “reindustrialisation and to move from Made in Hungary towards Invented in Hungary,” he added.

German companies are the largest group of investors in Hungary, and bilateral trade between the two countries hit a record 60 billion euros by November last year, he said.

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.