Dana to Invest HUF 36 bln in Capacity Expansion in Hungary

Automotive

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U.S.-based automotive industry supplier Dana is investing HUF 36 billion at its base in Győr (108 km northwest of Budapest), Minister of Foreign Affairs and Trade Péter Szijjártó said on Tuesday, according to a report by state news wire MTI.

Dana will add electric drive units and battery cooling products to the plant's output, Szijjártó said. The government is supporting the investment, which will create 300 jobs, with HUF 6.6 bln, he added. 

Dana's choice of Hungary for the project shows the country's investment environment is "among the most competitive in Europe", he said.

U.S. companies make up the third-largest group of foreign investors in Hungary, he noted, adding that economic cooperation is "the most successful pillar of [Hungary-U.S.] bilateral ties at present".

He said that 103 U.S. companies had been awarded government support for investments in Hungary over the past eight years. Bilateral trade between Hungary and the U.S. rose 16% to USD 8.2 bln last year, a new record, he added.

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