Chinese battery maker CATL is spending HUF 3,000 billion (EUR 7.5bn) on building its second European manufacturing plant, making it the largest investment ever in Hungary.
At the signing of the land purchase agreement, Péter Szijjártó, Minister of Foreign Affairs and Trade, said it's one of the five largest greenfield investments in Europe in the past decade, and the project in Debrecen, in eastern Hungary, will create some 9,000 jobs. The investment is set to receive government funding, with the details to be worked out in the meantime, Minister Szijjártó said. Batteries are in high demand as the three premium car manufacturers, Audi, BMW and Mercedes, all have factories in Hungary, he noted. Hungary has secured the two largest investments ever brought to the country in spite of the current challenging economic environment, he said. The car industry has grown 2.5-fold in Hungary since 2010, with its production value hitting HUF 9,500 billion in 2021, he added. Hungary’s policy of opening up to the East, which came under “vicious attack”, has been vindicated, he said. “We have made clear that we won’t exclude any nation’s companies with hollow excuses. Our foreign policy and our ties with the world to the east of us are based on mutual respect,” he said.
Photo credit: MTI