The American company BorgWarner has made a 24 billion forint (61.7 million euros; 1 forint =389 euros) investment in Oroszlány (northwestern Hungary), further strengthening Hungary’s role in the new era of the global automotive industry, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Friday at the site.
The minister stated at the opening ceremony for BorgWarner’s new investment that the U.S. automotive supplier had carried out upgrades at its plant worth 24 billion forints, for which the government provided 4.8 billion forints in support, thereby helping to increase the workforce to around 1,000 employees.
FM Péter Szijjártó. Photo: MTI/Vasvári Tamás
He emphasized that the investment further strengthens Hungary’s role in the new era of the global automotive industry, and expressed his pride that, in addition to turbochargers, components necessary for heating passenger cabins will now be manufactured in Oroszlány for the world’s most sought-after premium brands.
He then highlighted the importance of the cooperation with the company and pointed out that several records have been broken recently in Hungarian-American relations, which have entered a new golden age.
Never before has Hungary received as much American investment in a single year as it did last year—16 projects totaling 200 billion forints—and never before has trade between the two countries reached 10 billion dollars; we have now achieved that as well,”
he noted.
Péter Szijjártó emphasized that thanks to companies like BorgWarner, Hungary is among the leaders—not the followers—in the technological revolution of the automotive industry.
Photo: MTI/Vasvári Tamás
He explained that Hungary is a key flagship of the European automotive industry and one of only three countries in the world where all three major German premium car brands have manufacturing facilities, and that three other car manufacturers also operate here.
“This has also led to the automotive supply industry in Hungary continuing to expand, with more and more investments being made and more and more factories being built. The automotive supply industry views Hungary as one of the top European investment destinations, which has resulted in the creation of tens of thousands of jobs here,” he said.
He also welcomed the fact that Komárom-Esztergom County has become one of the driving forces of the Hungarian economy, as industrial output has increased three and a half times over the past ten years, while unemployment has fallen to two percent—a result in part of the 146 state-supported investment projects completed here during this period, totaling approximately 2,100 billion forints.
Via MTI; Featured photo: MTI/Vasvári Tamás
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