Automotive industry supplier Novation Tech is investing 1.3 billion forints (EUR 3.7 million) at its base in Szeghalom, south-eastern Hungary, the minister of foreign affairs and trade has announced. The government is supporting the investment which will create 50 jobs with a 450 million forint grant from them according to Minister Péter Szijjártó who spoke on Thursday about this project.   This company specializes in manufacturing processes and technologies used by carmakers such as Audi, BMW and Volkswagen. They are also an innovator when it comes to developing new materials--especially those relating to the Auto industry and developing business in eastern europe.

Hungary's Minister of Foreign Affairs and Trade, Péter Szijjártó, has announced that automotive industry supplier Novation Tech will be investing 1.3 billion Hungarian forints (HUF) in a new plant in the country. The new plant is expected to create around 300 jobs. This latest investment follows an earlier announcement by Novation Tech that they would be investing HUF 2.5 bn in a new plant in Slovakia, creating over 1,000 jobs there. Hungary's automotive sector is booming, with exports totaling 8,700 billion forints (US$30 million) by November last year. 90% of products manufactured were for the export market.

Hungary has seen a surge in automotive industry supplier Novation Tech investing 1.3 billion Hungarian forints (roughly $4.5 million USD) to expand their operations in the country. This is thanks to the "bold strategic decisions" taken by the government over the course of the coronavirus pandemic which have resulted in record investment and employment figures. Exports from Hungary reached a record 119 billion euros last year, and are expected to continue growing in 2020. Thanks for giving us this update, Hungary! We're excited to see your continued success!