Chinese-owned automotive supplier Joyson Safety Systems will invest 16 billion forints (EUR 48.2m) into expanding its plant in Miskolc, in northern Hungary, Foreign Minister Peter Szijjártó told a press conference.
The government is supporting the investment with a 4.9 billion forint (EUR 14.7m) grant, he added. Szijjártó noted that the investment brings state-of-the-art technology to Hungary, which “won it in fierce international competition”. The company designs and makes mobility safety products.
The investment will create the world’s largest company producing passive safety devices, Szijjártó said. Chinese-Hungarian trade reached a record 9 billion dollars in 2018, Szijjártó said. Currently, 16 Chinese companies are present in Hungary, and the two countries are intent on further boosting investments, he added.