“The future of the Hungarian economy depends on whether the automotive industry, which is entering a new era, can continue to contribute to domestic growth as a leading sector of the new industrial revolution”, Minister of Foreign Affairs and Trade Péter Szijjártó said at a press conference to announce a new investment in Debrecen on the part of Continental.

The Minister told the press that one of the world’s largest automotive industry suppliers will be establishing a 7 thousand square metre vehicle electronics plant within the framework of a greenfield investment project in the Hajdú-Bihar County capital.

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In view of the high added value of the 100 million euro project, which will be creating 450 new jobs, the Government is contributing 10.6 billion forints (EUR 34 million) in non-returnable funding, he announced.

Mr. Szijjártó said that thanks to the investments that have been realised in recent years with Government support, Debrecen is now not only one of the region’s most significant centres of industry in view of its population, but also because of its economic strength.

Member of Continental’s Board of Directors José Avila told reporters that Debrecen was chosen for the investment in view of its highly-trained workforce and excellent infrastructure. Construction will begin in the second half of this year and the new plant will manufacture mechatronic products, sensors and transmission control units, he added.

Mr. Avila recalled that Continental has been present in Hungary for 27 years, and currently operates 6 plants and a distribution centre, and employs 8 thousand people. The company, which employs a total of 230 thousand people in 55 countries, realised over 44 billion euros in turnover last year, and electronics production is its fastest growing industrial sector, he added.

Mayor of Debrecen László Papp told the press that since 2014 some 200 billion forints (EUR 640 million)) in investments had arrived in the city within the framework of 23 projects, and accordingly he called the last four years a period of development the likes of which the city had not seen for a very long time. “Debrecen is now being talked about abroad together with Barcelona, Bordeaux or Birmingham as an attractive investment destination”, he added.

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According to the city’s mayor, Continental’s new investment, which is the largest project of recent years, will open a new era in the life of the city, and accordingly local vocational training courses will also be restructured to fit the company’s requirements. In the interests of preventing its young people from moving further afield in search of work, Debrecen would like Continental’s new plant to be successful and create as many jobs as possible, he emphasised.

(MTI)