Earlier today an agreement has been concluded between the Government of Hungary and the Wanhua Industrial Group of China envisaging that the Wanhua Group will implement long-term, strategic investment projects worth around EUR 1.6 billion in Hungary, expected to create hundreds of jobs in a backward region.

Together with the acquisition of BorsodChem Ltd in 2011, the investments of Wanhua Industrial Group in Hungary are totaling at EUR 1.5 bn, including an investment project of EUR 200 million at the Kazincbarcika plant of BorsodChem. Along with the efforts of the Government these projects have ensured that BorsodChem could keep all its 3500 jobs and the enterprises related to BorsodChem’s activities could also retain 500-600 people already on their payrolls.

On the basis of the agreement signed today the Wanhua Industrial Group will bring further investments amounting EUR 1.6 bn, concentrating in the chemical industry and the energy sector, primarily in sectors related to crude oil processing, paint-, and plastics production. Initial investments will be completed as early as 2013 and will unfold in 2014.

Since its first investments the Wanhua Industrial Group has committed itself to Hungary where it found skilled labour force and excellent infrastructure in addition to a competitive business environment. For the Government of Hungary the key objective has been to preserve jobs in the Hungarian manufacturing industry and eventually to increase their number, thus strengthening the role that Hungary plays in the region.

(Ministry for National Economy)