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Miskolc new plant constructed by large tool design and manufacturing company Spinto
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“It is highly welcome that there are more and more Hungarian investors in the country, and that while in 2016 German and American companies were the largest investors in Hungary, the Hungarians have come up into second place, and during the first half of this year the most investments were realised by Hungarian enterprises”, Minister of Foreign Affairs and Trade Péter Szijjártó said in Miskolc at the inauguration of the new plant constructed by large tool design and manufacturing company Spinto Hungary Limited.
At the inauguration of the new plant, constructed at a cost of almost six billion forints (EUR 18.5 million) by the automotive supplier, which is owned by Hungarian investors, the Minister of Foreign Affairs and Trade said: “The modern industrial revolution is being directed by the automotive industry, it is dictating the pace, while Hungary can state that the automotive industry provides the backbone of the Hungarian economy”.
“During the first six months of 2018, Hungarian-owned companies invested 100 billion forints (EUR 308 million) in the country and created 1500 new jobs. Today, 4.5 million people have jobs, and the GDP has increased by 20 percent compared to 2010”, Mr. Szijjártó said.
The Minister highlighted the fact that with its 8 trillion forint (EUR 24.62bn) production value, the Hungarian automotive industry broke all previous records last year, and momentum has not come to a halt, because this figure already exceeded 4400 billion (EUR 13.55bn) forints during the first six months of this year.
According to Mr. Szijjártó, over 90 percent of the products manufactured by the Hungarian automotive industry go to export, and international competitiveness is also continuously increasing within the sector, which employs over 167 thousand people.
He reminded reporters that BMW has begun construction of its second plant in Kecskemét, Audi will be producing electric motors in Győr, and BMW is building a factory in Debrecen.
The Hungarian Government provided 2.45 billion forints (EUR 7.54 million) in non-returnable funding towards the construction of Spinto Hungary Ltd’s new plant in Miskolc’s southern industrial park.