Giant Global Group will be constructing a bicycle manufacturing plant in Gyöngyös with an investment of 15 billion forints (EUR 46 million), the Ministry of Foreign Affairs and Trade’s Parliamentary State Secretary told reporters on Wednesday in Budapest at a press conference to announce the investment by the Taiwanese company.

Levente Magyar told the press that the new plant will be manufacturing up to one million bicycles-a-year.

The State Secretary highlighted that the investment by the company, which was founded almost fifty years ago, is an indication of international confidence in the Hungarian workforce. “Prior to Giant, several Asian enterprises have already chosen Hungary as their investment destination this year, and last year some one hundred investors arrived from the neighbouring continent, breaking all previous records and creating hundreds of new jobs, as well as increasing Hungarian industrial capacity by almost 4 billion euros”, he pointed out.

Mr. Magyar stressed that the new plant in Gyöngyös is not only important in view of its economic effects, but also because it facilitates a change in lifestyle by contributing to the popularity of cycling and the utilisation of Hungary’s large network of cycle paths. “Similarly to other countries, state officials must also provide an example in this process”, he added.

President of Giant Global Group Bonnie Tu emphasised that Europe is not just the birthplace of cycling, but also the most important market for bicycles. “Hungary lies at the centre of the continent, has the industrial foundations and capabilities required for production, and Gyöngyös, which will be hosting the plant, is highly suited for the investment in view of its excellent transport links”, she explained.

The products manufactured by the new plant will be distributed in the countries of Eastern Europe, she added.

Taiwan-based Giant Global Group is the world’s largest manufacturer of bicycles and sells over 5 million bicycles-a-year in over 50 countries worldwide. It currently operates manufacturing plants in Taiwan, Holland and China.

(Ministry of Foreign Affairs and Trade/MTI)