As a result of the planned development worth 25 billion forints (EUR 66bn), the company already employing more than a 1,000 people in Hungary will manufacture products suitable for hybrid and electric vehicles in Oroszlány, west of Budapest.

The state is advancing 5 billion forints in support for the project, contributing to the creation of 60 new jobs, he added.

Szijjártó noted that besides China and Germany, Hungary is the only country in the world where all three premium German car brands have production capacities.

Also, five of the world’s ten largest battery makers have committed themselves to Hungary, and ver the past ten years, the production value of the car industry in Hungary has increased by 3.5-fold interms of the combined growth of manufacturers and suppliers, he said.

The 12,000 billion forints production value of the industry last year was record-breaking, and an additional 18% increase was registered in the first nine months of this year, he added.

US investments play an important role in maintaining the growth of the Hungarian economy, he said.

The affected companies represent the second largest investment community in Hungary, and the government has signed strategic cooperation agreements with 14 of them, he added.

Bilateral trade broke a record last year and 11% increase was registered in the first nine months of this year, showing that another record high can be expected in 2023, he said.