FM: Hungarian economy can count on the automotive industry

The foreign minister said the automotive industry was the backbone of the Hungarian economy even before the coronavirus pandemic and thanks to developments and investments, it can still rely on it.

Péter Szijjártó, Minister of Foreign Affairs and Trade, today announced that the government will provide HUF 274 million to German towbar manufacturer ACPS Automotive Kft to support their development worth approximately HUF 832 million.

The foreign minister said that with the investment, the company will save nearly a thousand jobs while further increasing its production capacity. He added that while foreign investment fell by 42 percent globally, growth in this regard was 140 percent in Hungary.

During his official visit to Kecskemét, the minister also announced that trailer parts manufacturer Autóflex-Knott Kft, is modernizing its plant in Hungary and will begin production activities in the United States. Domestically, the company is investing HUF 553 million, which will protect 420 jobs, whereas the production line in the US will be worth HUF 800 million. The government will provide support for both, HUF 277 million and HUF 400 million, respectively.

According to Minister Szijjártó, in order to further increase the export capacity of the Hungarian economy, production capacities must be expanded, and Hungarian companies need help to get closer to their target markets and carry out some of their production there.

Photo credit: Facebook/Szijjártó Péter