The investment, which is being supported with a 4.6 billion forint government grant, will create 110 jobs, Péter Szijjártó said. The company will produce two million rotary shafts for electric vehicles a year, the minister said.

“Competition for these investments is always strong, and since Thyssenkrupp is one of the world’s biggest auto industry suppliers, employing some 100,000 people worldwide … many countries would have wanted to secure this investment for themselves,” Szijjártó said.

“This is another investment that clearly demonstrates that German businesses have retained confidence in Hungary and its investment environment, and is further proof that the relationship between the Hungarian government and German companies investing here is based on mutual respect,” he said.

German businesses make up the largest investor community in Hungary, which 20% of foreign investments coming from Germany, Szijjártó said.

Hungary’s car manufacturing industry employs around 170,000 people directly and, indirectly, three to four times more, the minister said.