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BOSCH INVESTING HUF 14 BN IN MISKOLC BASE

 

Robert Bosch Power Tool, a Hungarian unit of German engineering giant Bosch, is investing 14 billion forints (EUR 43m) to set up a European battery competence centre and expand its power tool assembly capacity in Miskolc, in north-eastern Hungary, the minister of foreign affairs and trade said. The government is supporting the investment with a 3.4 billion forint grant, Péter Szijjártó told a press conference in Budapest.

Ties between Hungary and Germany’s machine industry have an excellent tradition, and 29% of FDI in Hungary is made by German investors, he added.

“Hungary’s economy has essentially reached the point of full employment, and the focus of investment incentives is no longer geared towards job creation but to creating the highest possible value-added for jobs already on the market that represent a high level of technology,” Szijjártó said.