Noodle Profits: Thai President Foods to Invest HUF 18 Billion in Hungary Expansion
- 17 Sep 2024 7:06 AM
Thai President Foods will invest around HUF 18bn to expand capacity at its noodle plant in Esztergom (N Hungary), Minister of Foreign Affairs and Trade Peter Szijjarto announced on Friday.
The state is supporting the investment, which will create 80 jobs, with HUF 2bn, Szijjarto said. He added that local suppliers' share of Thai President Foods' feedstock was on the rise.
Close to 100pc of the plant's output is exported, mainly to markets in Europe.
European countries open to investments by Asian companies can profit much in the new era of the global economy, Szijjarto said, adding that Hungary was the "best example" of that.
The investment in Esztergom by the Thai-owned company, clearly shows the success of the government's Eastern Opening policy, he said, adding that Asian companies were dictating the pace in a number of sectors, taking the place of their Western competitors.
He noted that bilateral trade between Hungary and Thailand had exceeded USD 750m last year.
He added that around 155,000 people were employed in the food sector in Hungary.
Since 2014, the government has provided support for 78 big food industry investments, creating close to 9,000 jobs. About half of food sector output is exported.
Source:
MTI - The Hungarian News Agency, founded in 1881.
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