French-owned animal vaccine maker Ceva-Phylaxia is investing 10 billion Hungarian forints (31 million euros) in a new research and production facility in in the Hungary city of Monor on the outskirts of the capital, Budapest.
“The new plant will provide jobs for highly trained employees and will bring innovative technology to Hungary,” said Minister of Foreign Affairs and Trade Péter Szijjártó.
“In addition, veterinary health is a sector of national economic importance in view of the fact that export bans resulting from livestock diseases cause a significant reduction in revenues.’
The pharmaceutical industry is a traditionally strong sector of the Hungarian economy. Last year, the production value of the sector, which employs 30,000 people, exceeded 810 billion forints (2.5 billion euros).
“84.5 per cent of the pharmaceuticals produced in Hungary are exported, and Ceva-Phylaxia has an even higher export ratio of almost 95 per cent,” the minister added.