Japan's TDK Announces HUF 3.5 Billion Investment in W Hungary
- 6 Dec 2023 7:03 AM
- Hungary Matters
Appliances and electronics company TDK Hungary Components is investing 3.5 billion forints (EUR 9.2m), which comes with a 1.5 billion forint government grant, at a plant in Szombathely, in western Hungary, the company announced.
Péter Szijjártó, the minister of foreign affairs and trade, welcomed the announcement, saying the project is receiving funds from a government scheme aimed at saving businesses.
In a speech, Szijjártó highlighted the Hungarian economy’s “huge achievements even during the black years of the global economy”. He noted last year’s record investments, exports and employment, adding that new records were expected in all three areas in 2023.
Japanese companies currently make up Hungary’s 9th largest investment community, employing nearly 40,000 people, Szijjártó said.
Bilateral trade was worth 2.5 billion euros last year, showing a 23% increase in the first 9 months of the year, he added.
TDK Hungary will deploy a heat pump system and solar panels at its Szombathely plant.
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