The factory, Huayou Cobalt's first in Europe, will be able to turn out around 100,000 tonnes of cathodes for electric batteries a year, Szijjártó said.
The government will provide financial support for the investment, which will create 900 jobs, he added. The scale of that support will be announced once the European Commission approves it.
The decision to bring the plant to Hungary was taken after two years of negotiations and international competition, Szijjá rtó said.
He noted that around 95% of the world's electric vehicle battery capacity was controlled by China, South Korea, and Japan. The minister said that Europe's success depended on forming closer cooperation between economies in the East and in the West. Hungary has "profited much" from becoming a "meeting point" between East and West, Szijjártó added.
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