📋 Tender Overview
The government of Hungary regards all enterprises that are realising development and investment projects now in the interests of preserving their workplaces and creating new ones as allies Minister of Foreign Affairs and Trade Peter Szijjarto said at the foundation stone laying ceremony of Pannon Vegetable Oil Production Limiteds new vegetable oil refinery plant in the Bacs-Kiskun County town of Fokto on Monday. The new plant is being realised with an investment of over 22 billion forints EUR 61 million and 1.8 billion forints EUR 5 million in state funding.The Hungarian economy will not be successful again from international loans that lead to vulnerability and defencelessness but thanks to the work of the Hungarian people Mr. Szijjarto highlighted. This is precisely why the government is doing everything possible in the interests of protecting the health of the Hungarian people and to stop the coronavirus and the epidemic from being brought into the country but also in the interests of protecting existing jobs and creating new workplaces. The government would like to support the fight against unemployment and every single new investment is a new station in this process he added.Agriculture and the food industry must be handled as a more strategic and important sector than previously Mr. Szijjrt declared. Because the food industry is one of few sectors that was able to maintain its rate of growth during the first two quarters of this year last year the sectors production value increased by 10 percent to over 3500 billion forints EUR 9.7 billion and during the very difficult first half of this year it was also capable of producing further growth of 10 percent he explained. The sector provides work to some 140 thousand people he added.Minister of Foreign Affairs and Trade Pter Szijjrt said Hungary is among the worlds ten most open countries with an export to GPD ratio of 86.5 percent meaning that the performance of exports can fundamentally determine the performance of the whole of the economy. The Minister said the latest investment on the part of Glencore is an important milestone in economic cooperation between the United Kingdom and Hungary in view of the fact that enterprises from the UK form the seventh largest investor community in Hungary today and the United Kingdom is Hungarys twelfth most important trade partner Mr. Szijjrt explained.At the foundation stone laying ceremony Managing Director of the Hungarian subsidiary of the Glencore Agriculture Group Csaba Juhsz told the press that the company groups Hungarian division has spent a total of 260 million U.S. dollars on investment projects since 1996. The companys plant in Fokt which was realised as a result of a 40-billion-forint EUR 111 million investment began operations in 2012 as one of Europes largest and most modern pressing plants and since then has processed some 5 million tons of sunflower seeds. The first phase of the companys latest investment will be creating 40 new workplaces in the region. During the course of the project Pannon Vegetable Oil Production Ltd. will be expanding its plant with a vegetable oil refinery to supplement existing raw oil production and enable the production of refined oil. The most important crop is sunflower seeds but the plant is also capable of processing rapeseed soy bean and maize germ.The regions Member of Parliament Sndor Font Fidesz highlighted the fact that Glencore and its Fokt plant adds significant value to the growth and export revenues of the Hungarian economy and to the standard of living of the local population through job creation.Glencore Agriculture is present in 35 countries and employs some 16 thousand people worldwide. According to publicly available company data Pannon Vegetable Oil Production Limited which employs 135 people posted pre-tax profits of 5.2 million dollars in 2018 following almost 5 million dollars in the previous year.
