Bosch is making an investment of 70 billion in Hungary

Robert Bosch Power Tool Kft. has announced an investment of almost HUF 70 billion in Hungary, within the framework of which a logistics center will be created by the end of 2024 and the production of hand tools and batteries will be expanded in Mickolc, the ministry announced on Friday Péter Szijjártó Minister of Foreign Affairs and Trade.

The head of the ministry reported that the value of the two-phase project of the German-owned company, which employs around 20 thousand people in Hungary, is HUF 70 billion, for which the state provides HUF 10 billion in support.

In his speech, he emphasized that the world economy has been completely turned upside down twice in the past three years, but Hungary did not just pass the exam well in the extremely difficult period, but last year achieved a straight “hat trick”, breaking the records of employment, investments and exports. too. “With this, we succeeded in achieving our goal of making Hungary a kind of local exception in the recession that surrounds us,” he stated.

He underlined: the basis of success is encouraging investments, maintaining one of the most competitive tax systems in the world, thanks to which our country offers the most attractive investment environment in Central Europe. Péter Szijjártó emphasized that in 2022, despite all the difficulties, the economy grew by 4.6 percent, the number of employed people was over 4.7 million in six consecutive months, and exports reached 142 billion euros after a 19 percent expansion. In addition, as pointed out, 6.5 billion euros of investments have arrived in Hungary, which create jobs with high added value.

The minister then stated that Bosch has 440 subsidiaries in 60 countries around the world, so it is a particularly great achievement that they decided to develop in Hungary. He stated that the company’s investments simultaneously serve two goals of the government, re-industrialization and the shift from “Made in Hungary” to “Invented in Hungary”.

So, Bosch not only brings an investment volume to Hungary, worth several hundred billion forints in recent years, but also significantly increases the technological level of the Hungarian economy with its investments,

he announced.

He then added that Hungary ranks 8th in the world in the export of hand tools powered by an electric motor, and 6th in the case of hand saws powered by an electric motor.

Finally, he also touched on the fact that German companies make up the largest investor community in Hungary, which is why bilateral trade reached a peak last year, reaching 60 billion euros by the end of November.

He pointed out: the Hungarian economy is the 15th most open in the world, exports account for 80 percent of the gross domestic product (GDP), which means that foreign trade basically determines the functioning of the country.

(MTI)