India’s largest multinational flexible packaging material company, Uflex Group, is establishing a new plant in Hungary through an investment of more than 70 million euros, with the Hungarian government contributing with 8.7 million euros in funding.
The new factory in Rétság will be Uflex Group’s second plant in Europe, and from 2020 will produce a completely new type of foil, creating 170 new jobs. Yearly, 50,000 tons of products will be supplied to the European customers after the plant reaches full capacity.
“India has now become the ninth most important investor in Hungary. Thanks to these investments, bilateral trade flow between the two countries has also begun to increase dynamically, reaching 665 million dollars last year, with exports increasing by 22 per cent during the first eight months of this year and trade flow increasing by nine per cent”, said the Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó.
“The plastics industry is also playing a significant role in this. It expanded by 14 per cent during the first three quarters of the year, generated a production value of 5.28 billion euros, and now employs over 42,000 people,” he added.