ThyssenKrupp breaks ground for HUF 30 bln auto parts plant

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German firm ThyssenKrupp yesterday laid the cornerstone of its greenfield investment in Hungary, an automotive parts production facility valued at approximately HUF 30 billion, Hungarian Investment Promotion Agency (HIPA) announced yesterday.

Once the investment is wound up, steering systems and cylinder head-integrated camshafts will be manufactured in Jászfényszaru, central Hungary. The investment is expected to create 500 new workplaces. 

The German company considers Hungary an important partner in its long-term investment strategy, and hopes to launch other projects in the country, according to HIPA.

It is a major recognition for Hungary and the domestic investment environment that ThyssenKrupp, which is present in nearly 80 countries, considers Hungary well suited for the construction of a new factory and continues to rely on the competence of Hungarians, HIPA said in connection with the investment.

Economic cooperation between Hungary and Germany is especially important, and its effectiveness fundamentally determines the performance of the Hungarian economy: Germany is Hungary’s most important foreign trade partner. In 2015 Germany was responsible for 27.3% of exports from Hungary and 26% of imports, HIPA added.

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