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Canadian Auto Parts Supplier Investment in Hungary

D&T
May 11, 2023

Up to EUR 50 million will be invested by Magna Metalforming GmbH to set up a new plant in Vecsés, southeast of Budapest, with the aim to produce structural bodywork items. The investment, which enjoys a 20% state support, is set to create 300 new jobs.

Canada-based Magna International Inc. is a listed corporation that is known for being an auto parts supplier with a highly diverse portfolio that operates over 340 plants in 29 countries. The Hungarian presence of the corporate group dates back to 2011, and now it has been announced that Magna will build a new plant in Vecsés located in Pest County.

Class ‘A’ structural bodywork items will be manufactured on the new production lines. The newly created capacities of the Tier 1 supplier will be used to serve demand by Mercedes-Benz in Kecskemét and BMW in Debrecen. In total 300 new workplaces will be created as a result.

As noted in a report by the Hungarian Investment Promotion Agency, economic relations between Hungary and Canada are thriving. Bilateral trade was up by over 17% year-on-year in the first two months of 2023. Canada is the fifteenth largest investor in Hungary, accounting for USD 1.9 billion of FDI.

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    #e-charger #e-commerce #e-fleet #e-mobility #E.ON #E.ON Hungária #E.ON Hungária Group #earningsexpectations #Earth Day #earthcheck #earthday #earthfestival #earthhour #earthquake #earthresources #East Central Europe #Easter #Easter customs #eastercustoms #easterfestival #eastermonday #eastgateprobusinesspark #ebes #ebitda #ebrd #eco-farm #eco-first #Eco-Innovation Award #ECOFIN #Ecological footprint #Ecology #economic #Economic Development and Innovation Operational Program (GINOP) #Economic forecast #economic growth #Economic performance #economic reform #Economic relations #Economic sentiment index #economicchallenges #economicexpectations #economicfair #economicforecast #economicperformance #economicpolicy #economicresearch #economicsentimentindex #economicstrategy #Economist #Economy #EcoPro BM #ecoprobm #ecser #Edenred Hungary #edinamakai #edisonkids #Edit Herczog #Edit Ránky #education #educationalcenter #educationalgrant #EEA and Norway Grants #EESZT application #Effie Awards #efott #Eger #Egg #eggpark #eggproductionplant #egis #Egis Pharmaceuticals #Egyházasrádóc #Egypt #egyptandhungary #Egyptian pharaoh #eisberg #EIT Health #EIT InnoEnergy #eithealth #Elderly home #Elderly people #election observation mission #Election program #Elections #Elections in Hungary #Electric batteries #Electric battery parts #Electric charger #electric engines #Electric vehicle battery #Electric vehicles #Electrical Insulation and Plastic Factory (VSZM) Ltd. #electricbatteries #electricbuses #electricchargers #electricdrivemodule #electricdrivetrain #electricgrid #electricheatingboiler #electricity #Electricity consumption #electricity generation #Electricity grid #electricity industry #electricityconsumption #electricitystoragefacilities #electricitysupply #electrictruck #electricvehiclebattery #electricvehiclechargingmarket #electricvehicles #Electro-mobility #Electrolux #Electrolux Hungary #electroluxhungary #electromobility #Electronic industry #Electronic payment #Electronic Payment Service Providers’ Association (EFISZ) #Electronic Payment Strategy (EPS) #electroniccommunications #electronicpayments #electronics #Electronics industry #electrosmog #Elektromotive Hungária Ltd. #Eleni Tsakopoulos-Kounalakis #eletjelfire&rescueteam #ELKH Energy Research Center #ELMŰ-ÉMÁSZ #elte #eMAG #embargo #Embassy #Embassy of Spain in Budapest #EMEA region #EMEIA region #Emergency #Emergency regulations #emergencyservices #emericpressburger #Emerson #emigration #Emmanuel Macron #Emmy Awards #empiricalsurvey #employees #Employees’ rights #employment #employmentindex #encyclopedia #encyclopedia entry #Enda Kenny #endometriosis #Endre Szemerédi #energigas #energikum #energy #Energy consumption #energy crisis #Energy efficiency #Energy Efficient Mortgages Initiative (EEMI) #Energy Efficient Mortgages Pilot Scheme #energy emergency #Energy industry #energy management #energy policy #Energy production #energy saving #energy security #Energy storage #Energy supply #energy-saving #energybusiness #energycompany #energyconsumption #energycrisis #energydemand #energydrink #energyefficiency #energyindustry #energyministry #energypark #energyprices #energysaving #energysavingmeasures #energysector #energyservices #energyservicesandtrading #energystorage #energystoragefacility #enerhash #Enexio Hungary #Engineering #engineering service center #englishlanguage #englishsubtitles #Enikõ Gyõri #Enikő Mihalik #eniskekvagyok #enlargement #Enrique Pastor de Gana #entrepreneurship #entrepreneurshipdevelopmentprogram #Environment #environment protection #Environment social and governance (ESG) #Environmental awareness #Environmental investments #environmental protection #environmental research #Environmental strategy #environmentalaward #environmentalfriendly #environmentalinvestments #environmentalprotection #environmentfriendlytechnology #environtec #eon #eonhungaria #eonhungariagroup #Eörs Szathmáry #Eötvös Loránd Research Network (ELKH) #Eötvös Loránd University (ELTE) #epidemic #epidemic prevention #Epidemiological preparedness #epidemiological restrictions #epredia #equality #Equestrian event #Equifest #equilor #Equilor Investment Plc. #Erasmus+ grant #ergometer #Ericsson #Ericsson Hungary #ericssonhungary #erikbogsch #Ernõ Rubik #Ernst & Young #ernst&young #Erste Bank #Erste Bank Hungary #Erste Group #erstebank #erstebankhungary #erstegroup #erstegroupbankag #Ervin Zádor #Erwin Schrödinger Prize #Erzsébetváros #esbisztro #escapproach #esg #essca #ESSCA Budapest Campus #ESSCA School of Management #essence #Esterházy Mansion #Esther Horvath #Estonia #Estonian Ambassador Kristi Karelsohn #Eszter Cseke and Andras S. Takacs #esztergom #Ethanol #ethnic minorities #ethnichungarians #etyek #etyekbeermanufactory #EU #EU accession #EU affairs #EU budget #EU Cohesion Fund #EU cooperation #EU Court of Justice #EU Diversity Month #EU funding #EU funds #EU Gas Storage Regulation #EU General Court #EU Green Deal #EU loan #EU membership #EU Presidency #EU quality schemes for agricultural products and foodstuffs #EU Scientific Council #EU support #EU supported projects #EU-China Comprehensive Agreement on Investment (CAI) #EU-supported project #euaccession #eubudget #EuCham - European Camber #Eucham European Chamber #eucountries #eudirective #eudiversitymonth #eufunding #eufunds #eumeasures #eumembership #eupresidency #euproject #eurelectric #euro #Euro (EUR) #euro-unior #euro6 #EUROAPI #Eurobarometer #euroliquidity #Euronet #Euronics #europanap #europapont #Europe Day #European Automobile Manufacturers Association (ACEA) #European Bank for Reconstruction and Development (EBRD) #European Banking Federation (EBF) #European Capital of Culture #European Central Bank (ECB) #European Championships #European Climate Bank #European Commission #European Commission President Ursula von der Leyen #European Court of Justice #European Court of Justice (ECJ) #European Day of Parks #European Football Championship #European Green Deal #European Innovation Scoreboard #European Institute of Innovation and Technology (EIT) #European integration #European Investment Advisory Hub (EIAH) #European Investment Bank (EIB) #European Investment Bank Group #European Medicine Agency (EMA) #European Molecular Biology Organization (EMBO) #European Money Quiz #European Parliament #European Peace Facility #European Regional Science Association (ERSA) #European Research Council (ERC) #European Social Fund #European Super Cup #European Swimming Championships #European Union #European University Alliance for Global Health (EUGLOH) #European Year of Volunteering #europeancapitalofculture #europeancommission #europeancouncil #europeandiversitymonth #europeaneconomicarea #europeanfestivalsassociation #europeanfilmacademy #europeanfilmtreasure #europeangreendeal #europeaninvestmentbank #europeaninvestmentfund #europeanmobilityweek #europeanmuseumacademy #europeanparliament #europeanrocketrychallenge #europeanspaceagency #europeanunion #europeday #europedirect #europtec #euroshell #eurostat #EuroVelo 14 network #eurowag #eurowagprimenetwork #Eurowings #eurozone #eusupport #EV batteries #evacuation #Eve Bader #Event industry #eventorganization #eventpromotion #evepower #evoring #Exchange rate #excisestamps #executivechef #executivesuites #exhibition #Exhibition site #exhibitioncenter #exhibitions #exhibitionspace #eximbank #expats #Experiment #experimentalphysics #explanationforeverything #exporeal #Export promotion #Export sales #exportpromotionagency #exports #exports-imports #Exposition #External Action Service of the European Union #External trade #externalfunding #externaltrade #externaltradedeficit #externaltradeingoods #externaltradeinservices #extraordinary general assembly #ExxonMobil #exxonmobilhungary #EY #EY Global Delivery Services (EY GDS) #Eydescreen #eyland Hose & Silicone Services (LHSS)
    #fabafem #face mask #facility management #facilitymanagement #factory closure #Factory expansion #Fair grounds #Fair Trade #fairsite #FAIRway Danube project #Falco #falconry #Family budget #familybackground #familybusiness #familyday #familyownedbusiness #familyprograms #famous Hungarians #Farmer Expo #farmers' market #fastfood #fastfoodchain #fatalities #Fatality #fathersday #FC Seville #FCI World Individual Rescue Dog Championships #fda #Federal Bureau of Investigation (FBI) #Federal Councillor Ignazio Cassis #Federal Reserve #Federation of Hungarian Jewish Communities (Mazsihisz) #Federation of Jewish Communities in Hungary (Mazsihisz) #feedproduction #fehova #felegyhazipekseg #FELIX Kitchen&Bar #Felling trees #felsozsolca #femaleartists #femaleentrepreneur #Femtonics Ltd. #Fencing #Fenerbahce #Ferenc (Franz) Liszt #Ferenc Gyurcsány #Ferenc Krausz #Ferenc Liszt International Airport #Ferenc Liszt International Piano Competition #Ferenc Mádl #Ferenc Martyn #Ferenc Miszlivetz #Ferenc Puskás #Ferenc Szõnyi #ferenckolcsey #ferenckrausz #ferenclisztacademyofmusic #ferenclisztairport #ferenclisztinternationalairport #ferenczymuseumcenter #Ferihegy International Airport #Ferrari #ferry #Fertőd #Ferzol Ltd. #festekbazis #festival #Festival of Folk Arts #festivalgoers #Festive Book Week #Festive season #festiveseason #Festivities #FGSZ Földgázszállító (‘Natural Gas Transporter’) Plc. #FIABCI (the International Real Estate Federation) #fiber network #Fiber optic network #fiberboardproduction #FIDE Online World Cadets & Youth Rapid Chess Championships #Fidelis BAU #FIFA #Fifth wave #Fighting fires #Filling station #film #Film studio #filmfestival #Films #FINA #Finance #Finance Minister Mihály Varga #Finance Ministry #Financial institutions #Financial markets #Financial results #Financial services #Financial Stability Council #Financial year #financialawareness #financialguarantee #financialplanning #financialresults #financialserviceproviders #financialstabilityreport #financialyear #financingneeds #Fine dining #finearthungary #finearts #finedining #Finland #finofood #fintech #FinTech enterprises #Fire brigade #firefighers #fires #fireservice #firewood #fireworks #fireworks display #fireworksdisplay #First Hungarian Painting and Art Evaluation Office #firstfarms #firstquarterfigures #Fiscal Council #Fish of the Year #Fish stocking #Fishermen’s Bastion #fitness equipment #Fiumei Road graveyard #FiumeiGuide #fiveguys #fizzhu #flagathalfmast #flaghoisting #Flanders Investment & Trade (FIT) #Flavor and fragrance #flexibility #Flextronics #flirttrains #Flisom #FlixBus #floodhub #flooding #floodprotection #floodvictims #floodwarning #floodwave #Florent Héridel #florinplc #Flower carnival #flowers #flu #fluorescencetechnology #Flying Gizi #FMCG #foamglass #Foie gras #Foktő #foldable modular container #Folk music #Folklore #Fonyód #Food and Agriculture Organization (FAO) #Food industry #Food prices #food supplement #Food waste #foodbank #fooddevelopment #fooddonation #foodindustry #foodpackaging #foodparcels #foodpriceinflation #foodprices #foodquality #foodsector #Foodstuff #foodsupplements #football #football (soccer) #Footprint Homes #forasustainablefuture #forbes #forbestravelguide #Ford #Ford Focus #Ford Motor Company #fordmodelt #Forecast #Foreign citizens #Foreign customers #foreign exchange loan #Foreign investments #foreign investors #Foreign loan #Foreign policy #Foreign relations #Foreign trade #foreign workers #foreignexpansion #foreignguests #foreignlanguage #foreigntourists #foreigntradedeficit #foreignvisitors #forestrailway #forint #Former Hungarian ambassador to the U.S. #Formula 1 #Formula One #formulaone #FOSS #Fót #FŐTÁV #Főtaxi #Foundation for Sustainable Entrepreneurship #foundationforhungariansport #foundationstone #four-day working week #fourdayworkingweek #fourhandsdinner #fourpointsbysheraton #fourseasons #fourseasonshotelgreshampalace #Foxconn #Foxconn Group #foxpost #FOXrail Railways #fragrance museum #france #Francesco Maria Mari #Franchise #franchisesystem #Frank Klein #fraud #Freedom House #French Academy of Sciences (Académie des Sciences) #French ambassador #French Foreign Legion #French Insitute Budapest #French Institute #French Open #French Presidency of the Council of the EU #frenchinstitute #frequency band #Fressnapf #Fressnapf-Hungária Ltd. #Frida Kahlo #fridakahlo #Friedrich Ebert Stiftung (FES) #FrieslandCampina #frost #Fruits #fruitsector #fruitveb #fuel #Fuel prices #Fuel tax #fuelconsumption #fuelprices #fuelproduction #fuelshortage #FUGA Budapest Architecture Center #Fundamental Law #fundraising #fundraisingcampaign #funeral #Furmint #Furniture industry #fustmentes #füstmentes.hu #Futureal Group #Futureal Investment Partners #futurealgroup #futureaobilityassociation #futureconscious #futurefm #futuremobilityalliance #futureworkplaces
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