LG & Magna Investment To Create New Jobs In NE Hungary

  • 6 Dec 2023 6:53 AM
  • Hungary Matters
LG & Magna Investment To Create New Jobs In NE Hungary
A consortium of South Korea’s LG and Canada’s Magna is investing 20 billion forints (EUR 52.7m) in building its first European plant turning out parts for electric cars, in Miskolc, in north-east Hungary, the foreign minister said in Budapest.

According to a ministry statement, Péter Szijjártó said production is slated to start in 2025 at the plant which is creating 200 jobs, and the government is supporting the project with a 6.2 billion forint grant, Szijjártó said.

Hungary’s economy is expected to hit new records this year, with investment volume doubling to 13 billion euros and exports growing by 6-8% to 150 billion euros, he said.

Car manufacturing, which makes up 30% of Hungary’s industrial output, is key to that performance, he added. Since vehicles are the source of some 20% of all emissions, realistic climate protection goals are also impossible without curbing them, he said.

Hungary’s automotive exports have grown 3.5-fold in the past decade, last year surpassing 12,000 billion forints, he said.

This year, the sector’s performance grew by 18% in the first 11 months, he said.

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