Indiaʼs Flex Films to build HUF 23 bln plant in Nógrád County

Int’l Relations

Photo: Bernadett Fejér/KKM

Indiaʼs Flex Films, which makes flexible plastic packaging, will build a HUF 23 billion plant in Rétság in Nógrád County (N Hungary), Minister of Foreign Affairs and Trade Péter Szijjártó announced on Wednesday. The government is awarding a HUF 2.8 bln grant for the investment.   

Szijjártó at the press briefing (photo: Bernadett Fejér/Ministry of Foreign Affairs and Trade)

The packaging materials production plant, which will create 170 jobs, will be Flex Filmsʼ second in Europe after Poland.

Szijjártó said there was intense regional competition to attract the investment. A three-year cooperation agreement between Invest India and the Hungarian Investment Promotion Agency (HIPA) played a big role in winning over Flex Films, he added.

The company employs 8,100 people worldwide and serves clients in 140 countries, according to official government website, adding that it is the only company to ship its own products to both Pepsi Cola and Coca-Cola, in addition to which it provides packaging materials for firms such as Ferrero Rocher, Nestlé and L’Oréal.

“India has now become the ninth most important investor in Hungary,” said Szijjártó. “Thanks to these investments, bilateral trade flow between the two countries has also begun to increase dynamically, achieving USD 665 million last year, with exports increasing by 22% during the first eight months of this year and trade flow increasing by 9%,” he added.

Ashok Kumar Chaturvedi, the owner of Uflex Ltd., said the Hungarian plant would supply markets in both Europe and America.


Czech economic confidence improves in May Analysis

Czech economic confidence improves in May

Ministers in new Orbán gov't sworn in Parliament

Ministers in new Orbán gov't sworn in

Spring’s allergy season - the heat is on Interview

Spring’s allergy season - the heat is on

Airport bus fare could rise to HUF 1,500 City

Airport bus fare could rise to HUF 1,500


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.