Hungarian Minister of Foreign Affairs and Trade Peter Szijjártó announced on Thursday, September 8 that American automotive company Dana Light Vehicle Driveline Technologies will invest approximately $51 million (HUF 15 billion) in the construction of a new gear manufacturing plant Győr, Hungary that will create 200 additional Hungarian jobs. Construction is scheduled to begin in 2017 and is expected to finish by 2020.

In support of pre-existing automotive investments in Hungary, Dana Light Vehicle Driveline Technologies announced on Monday, September 8 its intentions to build a state-of-the-art gear manufacturing facility in the Hungarian city of Győr. The new plant will serve as the company’s fourth operation in Győr, and was made possible due in part to the support of the Hungarian Government, which awarded Dana non-refundable cash grant based on the proposal of the Hungarian Investment Promotion Agency (HIPA).

Speaking at a press conference, Foreign Minister Péter Szijjártó highlighted Hungary’s economic transformation since 2010 and credited the government’s decision to overhaul the tax code and introduce dual training and flexible work hours as critical to Hungary’s recent economic success.

Szijjártó also hailed news of the investment decision as proof of the strength of US-Hungarian economic relations: the total value of US investments in Hungary currently amounts to $9 billion. Currently, 1600 US companies and forty of the fifty largest US multinationals are present in Hungary providing jobs for over 100,000 Hungarians.

“Dana is striving for access to the European marketplace, and to support this we are excited to add an additional gear-manufacturing facility to our footprint,” said President of Dana Light Vehicle Driveline Technologies Bob Pyle. "We are grateful for the support that HIPA and the local government have provided during our site selection. Dana has operated in Győr for more than 10 years, and we know we can find exceptional employees there," Pyle added.