Hungarian-owned Kerox Ltd. will build a new plant in Sóskút, Hungary with an investment of € 15 million (4.45 bn HUF) and the expansion of manufacturing capacity is made possible by the Government’s decision to support the project financially, State Secretary for Foreign Affairs and External Economic Relations Péter Szijjártó and Managing Director of Kerox Ltd. Attila Gábor Kovács announced at their joint press conference in Diósd, Hungary.
State Secretary Szijjártó highlighted: the firm, which manufactures cartouches for mixer faucets at its site in Diósd, exports half of its products to China. Growth in Chinese-Hungarian trade is one of the biggest success stories of recent years: foreign trade volume between the two countries sextupled over the previous decade – from $ 1.2bn in 2003 to $ 7.3bn in 2013. He added that this growth represents an opportunity for expansion and development for many Hungarian firms.
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The State Secretary also said that in 2013, Hungarian exports to China grew by 10%, reached an all-time high of $ 2bn, while this January, exports grew by 25% year-on-year to $ 174 million.
With the company’s greenfield investment, manufacturing capacity will be expanded by 30% in addition to which the current 60% ratio of Hungarian suppliers will be increased further, creating 150 new jobs.
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"The company contributes significantly towards reaching the goals of Hungarian foreign trade policy", Péter Szijjártó emphasized, adding that firm is the word market leader in its field and is characterised by continuous innovation and R&D and high product standards.
(Prime Minister’s Office)
