Chinese tech giant Lenovo to build manufacturing plant in Hungary: Hungarian minister

BUDAPEST -- Chinese tech giant Lenovo Group will build a manufacturing facility in Hungary, the country's Minister of Foreign Affairs and Trade Peter Szijjarto said here on Tuesday.

The 8.2-billion-Hungarian-forint ($26.3 million) plant will be built in Ullo on the outskirts of the capital, with a two-billion-forint government grant, according to Szijjarto.

"The investment will create 1,000 jobs and introduce advanced technological solutions. Production at the plant could start in early 2021," the minister said, adding that the investment would accelerate industrial production based on development, meaning it offers great opportunities for the Hungarian economy and Hungarian engineers.

Szijjarto stressed that Lenovo's decision confirmed that leading technology companies trusted Hungary and justified the country's "Eastern Opening" policy, underlining that global competition for Chinese investment was fierce.