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Sep 07, 2018

FM: The world’s largest corporations regard Hungary as a place where it is worth investing

The Hungarian economy is export-orientated, and its export success determines the success of the whole national economy. Last year, the country exceeded 100 billion euros in annual exports for the first time in its history

Hungary’s foreign minister has said the world’s largest, most competitive and most rapidly developing corporations regard Hungary as a place where it is worth investing.

Péter Szijjártó, minister of Foreign Affairs and Trade, said ZF’s new investment in Hungary clearly demonstrates that point.

During ZF Hungary Ltd.’s factory inauguration in Eger on Thursday, the minister said companies that determine the industrial revolution of the modern age are realizing increasingly large investments in Hungary one after the other, because they have confidence in the country and in the diligence and dedication of the Hungarian people.

“One such company is ZF, which has constructed a new, 40 thousand square meter production plant in Eger with an investment of 51.5 billion HUF (170 million EUR) and 6.7 billion HUF (20.4 million EUR) in government funding, creating over 770 new jobs by the end of next year as a result,” the minister said.

There are plans to deliver 150,000 eight-speed automatic gearboxes-a-year following the investment, with capacity increasing to 500,000 within a few years according to plan.

“ZF Hungary Ltd. currently employs 1,265 people, and in addition to the number of employees, the ratio of Hungarian suppliers will also be increasing from its current level of 45 percent, further strengthening these enterprises and creating more new jobs in the region,” the minister added.

The Hungarian economy is export-orientated, and its export success determines the success of the whole national economy. Last year, the country exceeded 100 billion euros in annual exports for the first time in its history, and this index showed further significant growth during the first half of 2018, the minister indicated.