Chevron Group to open multi-million euro plant in Hungary

Chinese-owned car parts company Chevron Group have announced their intentions to open an Ft17.5 billion (€48 million) car parts factory in Miskolc, northeastern Hungary, according to a statement delivered by Foreign Minister Péter Szijjártó on Monday.

The initiative is supposed to create 138 new jobs and will have a throughput of 200 million car parts annually, and the Hungarian government will be supporting it with an Ft5.3 billion (€14.5 million) grant.

Szijjártó admitted the Chinese company's investment proves Hungary is still ripe for economic investment, saying that project launched in recent weeks could contribute to "helping Hungary to a winning position in a new chapter of the global economy."

He welcomed the investment, stating that will provide them with an advantage to overcoming the coronavirus pandemic.

The automotive sector has been going strong for 120 years in the country, and the minister added that it is now home to over 700 companies.

He described the nation as a "stronghold for European car making," adding that in 2019, Hungary developed some 550,000 cars and 2 million engines, 90% of which have been exported.

The deal with help to strengthen the relationship between the two countries, when a series of other European nations have rallied against them.

Szijjártó concluded that, for the first seven months of 2020, bilateral trade increased by 19%.

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