Indiaʼs Flex Films, which makes flexible plastic packaging, will build a HUF 23 billion plant in Rétság in Nógrád County (N Hungary), Minister of Foreign Affairs and Trade Péter Szijjártó announced on Wednesday. The government is awarding a HUF 2.8 bln grant for the investment.
The packaging materials production plant, which will create 170 jobs, will be Flex Filmsʼ second in Europe after Poland.
Szijjártó said there was intense regional competition to attract the investment. A three-year cooperation agreement between Invest India and the Hungarian Investment Promotion Agency (HIPA) played a big role in winning over Flex Films, he added.
The company employs 8,100 people worldwide and serves clients in 140 countries, according to official government website kormany.hu, adding that it is the only company to ship its own products to both Pepsi Cola and Coca-Cola, in addition to which it provides packaging materials for firms such as Ferrero Rocher, Nestlé and L’Oréal.
“India has now become the ninth most important investor in Hungary,” said Szijjártó. “Thanks to these investments, bilateral trade flow between the two countries has also begun to increase dynamically, achieving USD 665 million last year, with exports increasing by 22% during the first eight months of this year and trade flow increasing by 9%,” he added.
Ashok Kumar Chaturvedi, the owner of Uflex Ltd., said the Hungarian plant would supply markets in both Europe and America.