Taiwanese firm to build bicycle factory in Gyöngyös
Taiwanese bicycle manufacturer Giant Global Group will build a HUF 15 billion plant in Gyöngyös (N Hungary), Levente Magyar, parliamentary state secretary at the Ministry of Foreign Affairs and Trade, announced Wednesday. The plant will have capacity to produce 1 million bicycles a year.
Magyar asserted that the Taiwanese firmʼs investment is testament to international trust in the Hungarian workforce, according to a report by business news site vg.hu. He cited several other Asian firms that have chosen to make investments in Hungary this year, following on from 2017, when almost 100 investors arrived from the continent, creating hundreds of new jobs and expanding the capacity of Hungarian industry to the tune of nearly EUR 4 billion.
Magyar noted that the new Gyöngyös plant is significant not only for its economic impact, but also because it supports lifestyle change by contributing to the spread of bicycles and bicycle paths.
The new plant will export its products to the countries of Eastern Europe, said Bonnie Tu, chair of Giant Global Group. Tu stressed that Europe is not only the cradle of bicycle transport, but its most important market. Hungary lies at the center of the continent, she added, with the necessary industrial base and capabilities for production, while Gyöngyös is a suitable site for the investment due to its transport connections.
As the worldʼs biggest manufacturer of bicycles, Giant Global Group sells some 5 million units annually in over 50 countries worldwide, with factories in the Netherlands and China, besides Taiwan.
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