Yanfeng creates 450 new jobs in Pápa
Yanfeng – leading automotive supplier from China – is expanding its plant in Pápa within the framework of an investment valued at HUF 7.4 billion. The capacity increase of the company – manufacturing upholstered vehicle interior components exclusively for exports – has been qualified by the Hungarian Government as a major priority for the national economy; it provided funding – with the cooperation of the Hungarian Investment Promotion Agency (HIPA) – in the amount of HUF 1.85 billion based on an individual government decision.
Yanfeng, the leading automotive TIER1 supplier, operating 93 plants in 17 countries around the world, and supplying products to all major car makers, plays a key role among Hungary's Chinese partners. The company's global sales revenue reached USD 8.5 billion in 2015.
The Hungarian Government qualified the investment of Yanfeng to be a major priority for the national economy. The capacity increase of the company's production plant will be implemented in the value of more than HUF 7.4 billion, where funding based on an individual government decision (EKD) exceeds HUF 1.85 billion. The expansion will result in the creation of 450 new jobs, and the company has concluded a dual training agreement with Pannon University.
According to figures provided by the National Bank of Hungary, direct Chinese capital investment in Hungary reached USD 245.3 million in 2014. The value of Chinese working capital in Hungary is probably significantly higher, as most companies invest in Hungary through subsidiaries established outside of China. According to an expert estimate, Chinese investment in Hungary amounts to approximately USD 2.5 billion.