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The cornerstone of Vulcan Shield’s first European plant has been laid in Békéscsaba (southeastern Hungary); the Singaporean company’s massive investment of approximately 280 billion forints (729 million euros; 1 euro = 384 forint) will create 2,500 new jobs in the city, announced Péter Szijjártó, Minister of Foreign Affairs and Trade, on Thursday at the site.
At the groundbreaking ceremony for Vulcan Shield Hungary, the minister stated that the market-leading company in the production of high-tech insulation materials is building its first European plant in Békéscsaba, with a total value of 280 billion forints, for which the government is providing 50 billion forints in support, thereby helping to create 2,500 new jobs.
In his speech, he explained that this is a high-tech investment, as the company’s technology is unique even on a global scale; they produce insulation materials capable of withstanding ultra-high temperatures, which is why these are used in the manufacturing of spacecraft, aircraft, and automobiles.
He welcomed the fact that the company will begin production at a temporary site in April, and that construction of the factory can begin simultaneously as part of the largest investment in the history of Békés County, from which local residents will greatly benefit.
“Sixty local and regional businesses have already participated in the supplier forum organized by Vulcan Shield. Following the first job fair, the number of applicants for jobs here has already exceeded 1,500, including locals, Hungarians, and those wishing to return home. And the training of future professionals is also getting underway,” he said.
He expressed the view that the strategic partnership with the company is further proof that the transformation of Hungary’s economy is moving forward in giant strides.
“Of course, the billionaires in Budapest routinely belittle Hungarians working in rural factories by calling them assembly-line workers. The fact is that statements like this not only demonstrate contempt but also reveal that these people have little understanding of how the Hungarian economy works. (…) The fact is that for a knowledge-based economy to emerge in a country, and for significant research and development capabilities to be established, a critical mass must first be achieved in production. And this has happened in Hungary,” he emphasized.
Vulcan Shield’s investment in Hungary clearly demonstrates this. They are building a massive factory here that will serve as the company’s European manufacturing hub, and now they have decided to establish a world-class research and development center in Budapest,”
he continued.
Péter Szijjártó emphasized that today marks the beginning of a new chapter in the economic history of Békéscsaba and Békés County, especially since two other investments are also being announced in Orosháza and Vésztő (eastern Hungary).
In this context, he pointed out that there used to be a significant development gap between the western and eastern parts of the country, but this has now been eliminated.
At that time, the government formulated a new strategic goal, namely the development of the southern part of the country. And in doing so, the government is paying special attention to Békés County,”
he noted.
The minister then touched on the crises of the past decade and a half, as well as the severe uncertainty accompanying the emergence of a new world order, and emphasized that Hungary has achieved tremendous economic feats in the meantime.
He warned that in the current war situation, Europe could easily end up drawing the short straw, and this also defines the Hungarian government’s primary task: to stay out of all wars and protect the country from the negative effects of these conflicts, with particular regard to energy supply.
The Hungarian government will continue to fight to ensure that Hungarian people, Hungarian families, and companies operating in Hungary pay the lowest energy prices in Europe,”
he declared.
“We are fighting for utility bill reductions and for protected gasoline prices, because if utility bill reductions were abolished, it would mean three times the current utility costs for families, and if protected gasoline prices were abolished, it would immediately mean a price of at least 1,000 forints per liter,” he warned.
“Not to mention that a dramatic rise in energy prices would undermine the competitiveness of companies operating in Hungary in such a way that it would jeopardize the existence of thousands, even tens of thousands, of jobs,” he added.
Via MTI; Featured image: Facebook/Péter Szijjártó
The post Cornerstone of Vulcan Shield’s First European Plant Laid in Békéscsaba appeared first on Hungary Today.
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