On June 27th, the Hungarian subsidiary of the French automotive supplier Valeo announced an investment project for the next three years to develop its factory at a press conference. Valeo Auto-Electric Hungary Ltd. employs some 1,900 people in Veszprém and reported net revenue of over EUR345m last year. The firm plans to invest EUR33m inter alia for development of warehousing technology, construction of a new production hall in order to launch the manufacturing of new products.
Deputy Minister László Szabó (Ministry of Foreign Affairs and Trade) highlighted that Valeo is an innovative automotive company which produces driver assistance systems and employs about 500 development engineers in the field of R&D in Veszprém. He stressed that the Hungarian government puts great emphasis on ensuring stable and business friendly environment for foreign investors thus it encourages job creation, innovation and reindustrialization. The government also provides EUR3m funding for the Valeo’s development project.
Automotive sector is one of the most important flagship industry in Hungary. In 2015 the volume of industrial production and export sales increased by 8.1 per cent and 8.7 per cent respectively in the whole manufacturing sector, while in the sub-sector of transport equipment manufacturing, these annual growth rates were 17.2 per cent and 15.6 per cent, respectively . Hungarian industrial productions generated 27.5 per cent of the GDP last year.