FM Szijjártó: Debrecen is An Ideal Location for Modern Industrial Investments

The backbone of the Hungarian economy is the automotive industry.

Photo credit: www.facebook.com/szijjarto.peter.official

Minister of Foreign Affairs and Trade Péter Szijjártó announced at a press conference of Vitesco Technologies in Debrecen that Hungary has won several large international investments in recent months, and it might continue in the future.

He added that the company’s existing production area will increase by nearly 7,000 square meters, enabling Vitesco to produce components for virtually all drive systems, including electric cars and plug-in hybrids. Vitesco Technologies is one of the first plants in Debrecen to begin the introduction of a new and globally unique production process for transmission control units. We are talking about an absolute high-tech investment, the minister said.

One third of the country’s production comes from industry, so it is extremely important that we maintain our flagship role in its traditional era in the new era of the automotive industry, the minister said. The production of the Hungarian automotive industry was able to grow by 26 percent in the first four months of 2021, which clearly includes the entire Continental group and Vitesco Technologies, Szijjártó added.

In the last 7 years, the government has provided support for 33 large investments in Debrecen, however if we didn’t have cities like Debrecen where the best possible conditions are provided for large investments, government support alone would be worth nothing, the minister stated.

The latest investment of Vitesco Technologies in Debrecen represents a value of HUF 36 billion, as a result of which 450 new jobs will be created in the city. The government provides HUF 10.5 billion in support.

According to the latest survey of the German-Hungarian Chamber of Industry and Commerce, 88 percent of German companies operating in Hungary would invest in Hungary again.