Rheinmetall Inaugurates HUF 29 Bn Investment in Hungary

German defence industry company Rheinmetall inaugurated a HUF 29 billion vehicle parts plant in Szeged (SE Hungary) on Friday, the Hungarian Ministry of Foreign Affairs and Trade said in a statement.

Hungarian taxpayers – through a government support – cover about 45% (or around HUF 13 billion) of the investment, which promises to create 300 jobs.

According to the statement, the investment, made in the Science Park of the University of Szeged, to turn out parts for both combustion engine and electric vehicles, would contribute to making Hungary a hub for cutting edge technologies in Europe.