A giant investment is coming to Békéscsaba, Singapore company to build a factory for HUF 280 billion

Singapore's Vulcan Shield Global has announced a giant investment worth some 280 billion forints in Békéscsaba, which will create 2,500 jobs in the county, Minister of Foreign Affairs and Trade Péter Szijjártó said on Friday.

According to the ministry's statement

The market leader in the production of high-tech insulating materials is building its first European plant in Békéscsaba, worth a total of HUF 280 billion, with government support worth HUF 49 billion, thus helping to create 2,500 new jobs.

It is a high-tech investment, as the company's technology is unique in the world, producing insulating materials that can withstand temperatures of up to 1600 degrees Celsius.

"The insulating materials produced by Vulcan Shield Global here in Békéscsaba will be purchased by Europe's most successful companies, which use them in the aerospace industry, car manufacturing, aircraft production, solar cell production or petrochemicals" - said the Minister.

We also have the chance to acquire R&D activity

"This activity requires a very serious research and development background, and therefore Hungary has a good chance of competing for the Vulcan Shield Global to give Hungary a greater role not only in production, but also in research and development activities," he continued.

He pointed out that the investment goes beyond itself, as

The company is committed to working with local vocational schools, as well as sourcing as many materials and tools as possible from local companies.

He also underlined that production will be carried out to the highest environmental standards and that the ecological footprint of the plant will be minimised. Szijjártó said that this is an announcement of economic historical significance, as it is the largest ever investment in the city and the whole of Békés county.

Infrastructure attracts huge investments

He also spoke about how the government sees development opportunities in a city or region. "The question had to be asked here: what needs to be done to put Békés county, at least in line with the surrounding regions, on a development path (...) We need large investments, companies that create jobs, pay good wages, keep those who are here and attract those who have left without such opportunities" - he said.

He explained that, according to the Eastern Hungary recipe, first of all, this requires a huge investment, which will attract the rest, but the preconditions for this had to be created, such as the construction of the M44 motorway, the modernisation of the railway infrastructure, the creation of a proper industrial park and the development of vocational training institutions.