FM Péter Szijjártó in Nagykanizsa
In the coming years, Italian transformer manufacturer Meth Electric Transformers will create 140 new jobs in Nagykanizsa (located in southwestern Hungary, near the Croatian and Slovenian borders) as part of a new five billion forint investment, announced Péter Szijjártó, Minister of Foreign Affairs and Trade, on Tuesday in the city.
The minister stated at the investment announcement ceremony of Meth Electric Transformers Kft. that the Italian company is expanding its capacity in the city by HUF 5 billion (EUR 13.16 million; 1 EUR = 380 HUF), for which the government is providing HUF 290 million in support, thus helping to create 140 new jobs.
He emphasized that
an 8,000-square-meter plant will be built on site, new manufacturing equipment will be purchased, and new software and digital solutions will be implemented, while continuously increasing added value and technological standards.
He also added that the company’s competitiveness is well demonstrated by a 97 percent export ratio, as the vast majority of the products manufactured here are sold in Europe, the United States, and the Arabian Gulf region.
He then pointed out that the Hungarian electronics sector’s production value exceeded HUF 10,000 billion last year, thus contributing significantly to Hungary’s economic performance.
Péter Szijjártó touched upon the crises of the past decade and a half and the serious uncertainty accompanying the emergence of a new world order, welcoming the fact that Hungary has achieved significant economic successes during this period.
Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Trade, delivers a speech at the investment announcement ceremony of Meth Electric Transformers Kft. in Nagykanizsa on February 10, 2026. Photo: MTI/Katona Tibor
“Despite these crises, there are a million more people working in Hungary today than there were ten years ago. Today, Hungarian people pay the lowest taxes on labor in Europe. And despite the senseless price fluctuations on the international energy market, we have not only managed to reduce utility costs, but also to protect those reductions,” he said.
At the same time, he warned that
in such a fragile period, the hard-won achievements could easily be jeopardized by the many uncertainties, such as the war in Ukraine.
“Therefore, the Hungarian government intends to continue to do everything in its power to promote peace efforts, because peace is the natural environment for economic development (…) Not to mention that if the resources produced here are to be taken away to operate another country, it can be extremely dangerous,” he said.
The minister then pointed out that foreign companies investing in Hungary, building factories here and providing jobs for Hungarian people have played an important role in the economic successes of recent years.
In this regard, he noted that
over the past eleven years, the government has provided HUF 27 billion in support to 32 Italian corporate investments, resulting in a total of HUF 128 billion in investments and 1,500 new jobs.
“Italian investors consistently bring the most modern technologies to Hungary and consistently provide secure jobs, thus ensuring a secure livelihood for Hungarian families. Italian investors have also contributed to the fact that, despite the war conditions of the past four years, the last four years have been the four most successful years for the Hungarian economy in terms of investment promotion,” he said.
Finally, he also pointed out that the economic performance of Zala County has grown two and a half times in ten years, while unemployment has halved. According to him, the fact that 53 major investments were realized here during this period with state support, totaling 170 billion forints and creating approximately 2,900 new jobs, also played a significant role in this.
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Via MTI; Featured photo: MTI/Katona Tibor
The post Italian Transformer Manufacturer to Create 140 Jobs in Nagykanizsa appeared first on Hungary Today.
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