Belgian-Turkish JV to build HUF 6.4 bln plant in northeast Hungary


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Ravaber, a company set up by Belgiumʼs Ravago group and Turkeyʼs Beşler Tekstil, will build a HUF 6.4 billion plant to manufacture insulation materials in Alsózsolca (180 km northeast of Budapest), Minister of Foreign Affairs and Trade Péter Szijjártó said in Budapest Tuesday at a press conference to announce the investment.

The minister told reporters that the government is assisting the project with non-returnable funding of HUF 1.24 bln. The plant will create 90 jobs, producing 36,000 tonnes of insulation material a year, two-thirds of which will be exported to neighboring countries, he added. 

“Thanks to security and the favorable investment environment, Hungary is one of the world’s most attractive investment destinations in international comparison, but provincial Hungary must be further reinforced in the interests of new investments,” Szijjártó was quoted as saying by government website

The government report cited Ravago’s business director Tomas Keisers as stressing that the production of insulation materials has a bright future in view of the fact that saving energy is becoming an increasingly important consideration throughout the world.


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