“The economic policy results of recent years, the low taxes and the gradual reduction of the tax burdens on work have made Hungary and the Dorog area attractive”, Minister of Foreign Affairs and Trade Péter Szijjártó said on Friday at the inauguration of French vehicle parts manufacturer GMD’s new aluminium foundry in the Dorog Industrial Park.

The new facility is creating 240 new workplaces and will be using state-of-the-art techniques. Prior to the official inauguration, the Minister told reporters that the total value of the investment was 20 billion forints (EUR 60 million) towards which the Government had contributed 2.9 billion forints (EUR 8.74 million) in non-returnable funding. Mr. Szijjártó highlighted the fact that there was major competition for the investment project in view of the fact that the subsidiaries of the GMD Group are present in 14 countries worldwide. The Minister told the press that according to the 2018 figures French companies are the 4th largest investors in Hungary and the country’s 8th most important trade partners. The six hundred French-owned enterprises currently operating in Hungary provide jobs for 38 thousand people. Mr. Szijjártó told those present that between 2010 and 2018 the Hungarian automotive industry had increased its production value by over one hundred and fifty percent, reaching 8500 billion forints (EUR 25.6 bn) in 2018 following an increase of 6 percent. The sector’s export ratio exceeds 90 percent, and the products manufactured here are also competitive on global markets.

The region’s Member of Parliament Pál Völner (Fidesz) highlighted the fact that in addition to the highly trained workforce, the company’s decision to move to Dorog was also significantly affected by the state funding. The link being developed between the M1 motorway and the Dorog Industrial Park will contribute to the further development of economic life, he added. President and owner of the GMD Group Alain Martineau told the press that the facility is the largest of the Group’s foundries and the most modern, efficient and highly robotized plant in Europe. The company director also said that work will soon begin on the planned second phase of the development project. The company had previously informed Dorog City Council that the 20 thousand square metre production area will be doubled in future, with the creation of a further 250 workplaces. The President told reporters that GMD had received a major order from the PSA group, and this is what enabled the development project in Dorog.

(Ministry of Foreign Affairs and Trade/MTI)