Feintool to Invest EUR 31 million in Tokod, Switzerland
Hungary’s Investment in Electric Cars Boosts Economy
Hungary is making significant strides in becoming one of Europe’s top investment destinations, with a strong focus on the growing electric car industry. Minister of Foreign Affairs and Trade Péter Szijjártó recently announced a major investment by Swiss-based company Feintool System Parts Tokod, valued at approximately HUF 13 billion (EUR 31 million). This expansion is set to play a crucial role in Hungary’s involvement in the European electric car supply chain.
The investment will specifically support the electric vehicle sector by ramping up the production of motor and alternator cores in Tokod, northern Hungary, to fulfill new orders from Volvo. With expectations to maintain over 300 employees, this move will provide a significant boost to Hungary’s contribution to the electric car transition, which Minister Szijjártó describes as one of the key players in Europe and globally.
Highlighting Hungary’s success in attracting foreign investment, especially in the automotive industry, Minister Szijjártó emphasized the country’s appeal to companies like Feintool. The Swiss companies, as the ninth largest foreign investor community in Hungary, currently account for nearly 30,000 jobs across 900 companies.
The announcement also sheds light on the economic prosperity in Komárom-Esztergom County, which has seen 140 major investments totaling over HUF 2,000 billion (EUR 4.8 billion) in the past decade. These investments have led to the creation of around 12,000 new jobs, contributing significantly to Hungary’s GDP and economic performance.
Despite global challenges such as trade restrictions and conflicts, Minister Szijjártó remains optimistic about Hungary’s resilience. He highlighted the country’s strong position in international financial markets as a testament to its economic strength.
With over one million more people employed in Hungary compared to 14-15 years ago, and a total of 4.7 million employed individuals, Hungary’s economic foundation is robust for future growth. Minister Szijjártó underlined the importance of global peace for sustained economic growth, emphasizing the need for a peaceful environment to support Hungary’s integration into international markets.
Hungary’s proactive approach to investment, particularly in the electric car industry, positions it as a key economic player in the years to come. The country’s strategic positioning and forward-thinking initiatives showcase its potential to drive growth regionally and globally, making Hungary a force to be reckoned with in the international business arena.
