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Strategic Agreement Signed between Hungarian Government and a Private Company

Written by: Bridgewest

 

Strategic-Cooperation-Pact-Signed-between-Hungarian Government-and-Johnson-Electric-Hungary.jpgA new strategic cooperation pact was signed on July 20th between the Hungarian Government and the automotive industry supplier Johnson Electric Hungary

Over the past 3 years, the Hungarian Government, has concluded numerous strategic  agreements with important companies that run their businesses in Hungary. In fact, the agreement signed by the government and the company Johnson Electric Hungary is the 61th strategic cooperation pact.
 

Johnson Electric – an important player on the Hungarian automotive industry

According to Laszlo Szabo, the State Secretary of the Ministry of Foreign Affairs in Hungary, Johnson’s objectives are in line with the government’s  strategy. More precisely, the automotive company has the following goals: producing a wide range of products, mostly for exports and supporting the Hungarian workforce on the long term. These two objectives are strongly supported and encouraged by the Hungarian Government, through the cooperation pact signed recently.
 
Furthermore, Laurent Cardon, the company’s general manager for operations in Europe, said Johnson Electric has continuously developed its activities in Hungary since entering the country ten years ago. He added that the company has about 1,500 people working at its plants in Ozd and Hatvan.
 

Investing in the Hungarian automotive sector

The automotive industry in Hungary is one of the most developed sectors in this country. Together with the electronics industry, the pharmaceutical industry, the IT&C industry and the food industry, the automotive sector is one of the main industries that sustain Hungary’s economy.  

Many automotive companies turned their attention to Hungary, especially for its highly skilled workforce, with a known automotive culture. Furthermore, the Hungarian labor force is highly competitive, due to the fact that average wages in Hungary are considerably lower than the average salaries in the European Union.
 
If you would like to invest in the Hungarian automotive sector, our company formation specialists can help you. Our local team of company incorporation experts can provide you with business consulting and company registration services in order to set up a company in the Hungarian automotive industry.  Do not hesitate to contact our local agents for more details. 
 

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