Chinese firm to set up 1st European plant in Hungary in EUR 100 million investment
The minister said
this will be kunlunchem's first european plant, which will be set up in a huf 40 billion (eur 100.2 mn) investment,
creating 120 new jobs. He noted that KunlunChem is one of the top five electrolyte producers in the world and will be a supplier of state-of-the-art technology for BMW and Mercedes electric cars.
Szijjártó recalled that road transport accounts for about one-sixth of emissions, so it is not possible to meet climate targets without electrifying the automotive industry. "It is therefore no coincidence that there is fierce international competition for all investments related to the transition to electric cars," he said.
The minister concluded by praising Hungarian-Chinese economic cooperation, saying that the East Asian country has become Hungary's number one trading partner outside Europe and has attracted the most investment from outside Europe three times in the last five years.
Szijjártó announced on Wednesday that Schneider Electric is building a new 18,000-square-metre plant at the Duna Smart Power Systems smart factory in Dunavecse, which opened last year, to manufacture low-voltage distribution equipment. The investment will cost €44 million, around HUF 15 billion, create 270 new jobs and is supported by the Hungarian Investment Promotion Agency (HIPA).
Cover photo: Shutterstock
