Chinese-owned automotive supplier Joyson Safety Systems will invest HUF 16 billion to expand its plant in Miskolc (NE Hungary), Minister of Foreign Affairs and Trade Péter Szijjártó said on Friday. The government is supporting the investment to upgrade technology with a HUF 4.9 bln grant.
“This latest investment means yet another eastern large company has decided in favor of Hungary and is bringing state-of-the-art technology to Hungary; the investment was successfully won amidst stiff international competition,” the minister was quoted as saying by official government website kormany.hu.
The safety systems the company designs and makes for vehicles at the base in Miskolc are sold to 35 big car makers around the world, Szijjártó noted, adding that about 90% of the plantʼs output is exported.
In addition to production, Joyson Safety Systems also develops and tests products in Miskolc. The EUR 68 million plant in Miskolc was built by former Japanese airbag maker Takata in 2014, creating 2,100 jobs, recalled state news agency MTI, adding that Takata went bankrupt after defective airbag inflators it made were recalled. Joyson Safety Systems was formed from the merger of Key Safety Systems and the global assets of Takata.
Szijjártó mentioned that Chinese-Hungarian trade flow broke all previous records last year, increasing by 10% to approach USD 9 bln, and exceeding USD 5 bln during the first seven months of this year.