Hungarian foreign minister signs deal with US BorgWarner in NY

Foreign Minister Péter Szijjártó has signed an agreement with US turbocharger manufacturer BorgWarner in New York.

For the first time, the production value of Hungary’s automotive industry will exceed 10,000 billion forints (EUR 31bn), he said on Thursday.

Before signing, the minister told MTI that the deal would boost the presence of American industry in Hungary and the automotive industry’s supply background.

Szijjártó noted that 168,000 people work in the automotive industry in Hungary.

Fully 91 percent of automotive products made in Hungary are sold on international markets, proving its competitiveness, he said, adding that the autos industry accounts for 29 percent of the country’s industrial output.

Thanks to investments, the BorgWarner plant in Oroszlány is now the company’s second largest factory worldwide, employing 1,700 people.

It is a direct supplier of the largest automotive companies in Hungary, he added.