As part of the economic policy aimed at stimulating investments and related R&D, the Government considers the vehicle manufacturing and electronics sectors as priority areas, and Continental AG is involved in these fields, Minister for National Economy Mihály Varga said, speaking at the signing ceremony.

The Minister stressed that the Government aims to stimulate economic growth via assisting the creation of jobs, and to guarantee predictability for investors based on mutual trust. Companies that decide to invest in the region may benefit, as goods of Western European quality can be produced at lower costs. The Government will hold consultations with Continental on further progress, innovation and vocational training, the Minister added. Mihály Varga said that foreign investments comprise two-fifths of economic growth, first and foremost those from Germany.

German investors create every sixth job in Hungary. The Minister also praised the trust and dialogue between the Government and foreign enterprises that have settled in the country. In accordance with the current agreement, Continental will cooperate with Hungarian research centres regarding product development and commit itself to creating new jobs and increasing the number of Hungarian suppliers, Continental Board Member and President of ContiTech Heinz-Gerhard Wente said before signing the document.

Managing Director of ContiTech Fluid Automotive Hungary Ltd Mihály Nagy said it was he who initiated the signing of the Strategic Partnership Agreement on behalf of the company at the Ministry for National Economy. Parallel to the signing of the Agreement, ContiTech Fluid Automotive Kft opened a new, 3300m2 production hall at the company’s site in Vác.

For the time being, production is ongoing in one-third of the new production hall, where fuel hoses are produced for passenger cars and automatic metal-working machine tools have been installed. The production of fuel hoses will gradually commence at the new production hall, and it will soon become the only site in Europe where such parts are produced, Mihály Nagy said. Ford, BMW, VW, Audi, Mercedes and even Rolls-Royce purchase these parts from the company.

(MTI)