“Thanks to new investment projects that are creating workplaces, Hungary could exit the crisis with renewed strength”, Minister of Foreign Affairs and Trade Péter Szijjártó declared in Budapest on Tuesday at a press conference to announce an investment by Turkish agricultural equipment parts manufacturer Yaris Kabin.
Mr. Szijjártó told the press that the government is contributing 521 million forints (EUR 1.48 million) towards the 6.5 billion-forint (EUR 18.5 million) investment. “150 new workplaces will be created in Fejér County, in the Iváncsa Industrial Park next to Dunaújváros. In addition to manufacturing agricultural equipment, the facility will also be performing research and development tasks”, the Minister said, justifying the state funding.
The government has announced five major investments over the past three weeks, which according to the Minister anticipates the successful rebooting of the Hungarian economy. “This also means that Hungary can remain the most attractive investment destination in the region, and crisis management will be at least as successful now as it was following 2010”, Mr. Szijjártó added.
Managing Director of Yaris Kabin Hungary Ltd. Ádám Németh said the company will be employing machine operators, vehicle and metalworking industry professionals, and engineers. Mr. Németh told reporters that the Turkish company is expecting an annual increase in turnover of 15 million euros from the commencement of Hungarian production, and that based on market demand it is already calculating with the further expansion of its Hungarian plant. The Iváncsa plant could begin production in early 2021, primarily for the German and Italian markets. Two of the four production halls are already complete, and a production line will soon be installed in one of them, the Managing Director told the press, adding that Yaris Kabin is installing state-of-the-art technologies in Hungary.
Dénes Galambos, the region’s Prime Ministerial Commissioner for Industrial and Regional Development, called for the acceleration of major investment projects, in view of the fact that in his opinion they are essential to maintaining competitiveness. Citing the experiences of the reindustrialisation strategy launched in 2010, the Commissioner explained that thousands of workplaces are being created and unemployment is coming to an end thanks to investments in the region. Mr. Galambos said that in his opinion further investments are expected in the area as a result of the construction of the Paks Nuclear Power Plant and rail and road development projects worth hundreds of billions of forints.
Yaris Kabin, which was established in 1977 as a family business, manufactures parts and equipment for agricultural machinery, primarily tractor cabins. The company has achieved a 25 percent share on the European market, and decided to establish its first plant outside Turkey in 2017. The company’s Hungarian subsidiary was established in 2018.
(MTI)
