Hong Kongʼs Ten Pao
inaugurated a 2,600 square-meter electronics plant in Miskolc, northeast Hungary, on Thursday. The plant is the first step of a HUF 4.5 billion investment project at the base, state news wire MTI reported.
The plant is staffed by 17 people at present, but the headcount will rise to over 300 by 2021.
Ten Pao Chairman-CEO Kwong Yee Hung said the Hungarian government, the Ministry of Foreign Affairs and Trade
, the local municipality and the Bosch group all played a part in the companyʼs decision to build its first unit outside of Asia in Miskolc.
The value of the plantʼs output is expected to reach an annual USD 100 million after 2021.