It was announced at the Ministry of Foreign Affairs and Trade on Thursday at a press conference that Harman, a U.S. based audio equipment production company will create 420 new jobs through an investment of HUF 3.5 billion.
Minister of Foreign Affairs and Trade Péter Szijjártó said that the Hungarian government will grant HUF 750 million for the development through the Hungarian Investment Promotion Agency (HIPA).
The Minister called Hungarian-U.S. economic cooperation a success story. According to the latest data, total exports from Hungary to the United States amounted to roughly USD 4 billion in 2014, he said. This means a 20 percent increase compared to the previous year that can be attributed to the automotive industry to a large extent since sectorial exports to the U.S. increased by 40 per cent, he added.
Péter Szijjártó said that the automotive industry is still the flagship of Hungarian economy: the sector produced revenue of HUF 6,650 billion in Hungary last year; this is a 23 percent increase in annual comparison. More than 132,000 employees worked in the automotive industry in 2014, which is a 16 percent increase compared to 2013, he added.
U.S. Ambassador to Hungary Colleen Bell declared that Hungarian-U.S. trade relations are of utmost importance for the United States. "We remain committed to working with our counterparts here in Hungary to make this relation stronger", she said.
She added that Washington would like as many companies to invest in Hungary as possible. "This is one reason why we encourage transparency and openness, and consultation with the business community on regulations that affect them. Companies need to be secure in the knowledge that when they set their business goals, today’s rules will not change tomorrow without consulting with them. Consistency in the business climate leads to more investments", the U.S. Ambassador said at the press conference.
With the investment in Pécs, the number of people employed by Harman in Hungary will swell to over 2,000.
It was said at the press conference that the audio equipment of the U.S. company can be found in many luxury cars; Harman is a supplier of premium manufacturers such as Audi, BMW, Mercedes, Porsche or Land Rover. The company is one of the hundred largest first round automotive suppliers of the world.
(Ministry of Foreign Affairs and Trade)
