The Hungarian unit of Danish appliance manufacturer Vestfrost will spend HUF 4.4 billion to expand capacity to make and store refrigerators in Csongrád, southern Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday. The investment is supported with a HUF 1.05 bln government grant.
At a press conference announcing the investment, Szijjártó told reporters that the plant exports 98% of its products, adding that the base also carries out R&D activity, according to state news wire MTI.
Vestfrost CEO László Gattyán said the Danish owner is continuously expanding its plant in Csongrád and currently employs 175 people, with numbers increasing by a further 93 thanks to the investment.
Some 150 Danish companies have invested over HUF 230 bln in Hungary and employ over 15,000 Hungarians, while contributing significantly through their modern technologies to enabling the Hungarian economy to successful cross the threshold into a new kind of economic era, Szijjártó was cited as saying by official government website kormany.hu.
Szijjártó added that last year Hungarian-Danish trade flow increased by 13% to exceed EUR 1.3 bln, and had already exceeded EUR 1 bln during the first nine months of this year.