The state supported the investment with HUF 1.7bn, Minister of Foreign Affairs and Trade Peter Szijjarto said. Headcount at the plant has risen to 300, he added.

He acknowledged the "key role" German companies had played in Hungary's economic performance for decades and said the government had supported 318 big investments with a combined value of HUF 3,800bn by German-owned companies in the past ten years.

Around 6,000 German-owned companies employ 300,000 people in Hungary.

Meanwhile, EIB Group invests EUR 314m in Hungary in 2024

The European Investment Bank (EIB) Group's new financing in Hungary reached EUR 314m in 2024, the lender said.

The financing, from both the EIB and European investment Fund (EIF), was channeled to projects to improve rail services, meet electricity demands from local manufacturers and support SMEs.

The biggest loan was for EUR 160m to regional railway company GYSEV to upgrade its infrastructure and fleet.

EIB Group also provided EUR 90bn to support investments by energy company E.ON and transmission system operator MAVIR to expand power grids. Some EUR 64m in financing went to local SMEs and mid-caps.

EIB Group investments in Hungary add up to more than EUR 25bn since 1991.

Cabinet to discuss HUF 67bn industrial park development in Nyiregyhaza

The cabinet will discuss the next, HUF 67bn phase of investment at an industrial park in Nyiregyhaza (NE Hungary) in February, Construction and Transportation Minister Janos Lazar said at a press conference in the city hall of the county seat.

Lazar said that the first, HUF 40bn phase of investment at the 640-hectare park would finish in May. A third, HUF 30bn-40bn investment phase could follow, he added.

Five factories are under construction in the industrial park and will start production in 2025 and 2026, he said. Local business tax revenue for the city could double to HUF 30bn as a result, he added.

Lazar said the government had decided to earmark around HUF 200bn to upgrade a 47km rail line between Nyiregyhaza and Debrecen.

He added that HUF 3.2bn had already been spent on project planning and construction could start late in 2025 or early in 2026. When the project is completed after three years, top speeds on the line could reach 160km/hour, he said.

He said a 35km stretch of the number 4 main road would be expanded to four lanes and HUF 6.5bn would go toward a bypass in the north of the city.

Mayor Ferenc Kovacs said BMW supplier Boysen could start production at the industrial park in the city in the summer.

Source: 
MTI - The Hungarian News Agency, founded in 1881.

*********************************

You're very welcome to comment, discuss and enjoy more stories via our Facebook page: 
Facebook.com/XpatLoopNews + via XpatLoop’s groups: Budapest Expats / Expats Hungary

You can subscribe to our newsletter here: XpatLoop.com/Newsletters

Do you want your business to reach tens of thousands of potential high-value expat customers? Then just contact us here.