Next year, the production value of the automotive industry will reach a record 10 trillion forints for the first time in the history of the Hungarian economy, Minister of Foreign Affairs and Trade Péter Szijjártó said in New York with relation to the fact that the Government has concluded a strategic partnership agreement with American company BorgWagner, one of the world’s largest manufacturers of turbochargers.

In a statement to Hungarian news agency MTI prior to signing the agreement, Mr. Szijjártó said: “The agreement further increases the presence of American enterprises in Hungary, in addition to which it reinforces the automotive industry’s supply base, thanks to which the automotive industry can assure that economic growth remains in the over 4 percent range”. Investments in the Hungarian automotive industry have gained even greater impetus, “there is no slowing down”, the Minister said.

“The sector’s production value already broke all previous records last year, exceeding 8 trillion forints (EUR 24.7bn). This year it will exceed 9 trillion, and next year it will be even higher, exceeding 10 trillion forints (EUR 30.9bn)”, he indicated. Mr. Szijjártó pointed out that the Hungarian automotive industry employs 168 thousand people, and the sector’s competitiveness is clearly indicated by the fact that 91 percent of the automotive industry products manufactured in Hungary are sold on foreign markets.

“29 percent of industrial production is now derived from the automotive industry”, he added. As he explained, the momentum of the automotive industry and the uninterrupted arrival of investments in Hungary assures that we will not only be able to produce the highest level of growth in Europe as a whole, but in the upcoming years will also achieve the highest rate of growth in Central Europe, which is the driving force of European economic growth.

Thanks to its investments, BorgWarner’s plant in Oroszlány is now the American company’s second largest factory worldwide, providing jobs for 1700 people in Hungary, and is a first tier supplier for the world’s largest automotive industry enterprises.

The Minister of Foreign Affairs and Trade underlined that the company’s cooperation with education institutions and its wide-ranging use of Hungarian suppliers also justified the signing of a strategic partnership agreement with the Government.