Hungary’s foreign minister has revealed that Austrian-owned furniture group Ada is expanding its Hungarian operations creating more than 100 new jobs.
Péter Szijjártó, minister of Foreign Affairs and Trade, said the group will increase production capacity with an investment of 5.2 billion HUF (16.8 million EUR), towards which the Hungarian government will provide one billion HUF in non-returnable funding.
“Ada Hungária Ltd. and Nova Furniture Ltd. are expanding all three of their facilities in Hungary in Körmend, Zalaegerszeg and Nova, creating 100 new jobs,” the minister said.
“Three out of the five plants owned by Austria’s largest furniture manufacturing company are in Hungary, and the number of people currently employed by the company will be increasing by 100 to 1,460,” he added. “This latest investment by Ada will further increase Hungary’s export performance.”
The minister pointed out that last year a record number of 96 foreign investments were made in Hungary via the investment promotion system, following 71 in the previous year.
“More and more sectors of industry are investing in Hungary, which has one of the most favorable investment environments in Europe thanks to the fact that we have the lowest levels of income tax and corporation tax within the European Union,” Minister Szijjártó highlighted.
In Hungary, the furniture manufacturing sectors generated 180 billion HUF (580 million EUR) in production value last year, a year-on-year increase of six percent. The sector provides jobs for 15,000 people and an average of 63 percent of the goods it manufactures go to export, the minister added.