Giant announces plans to build factory in Hungary

In a move that has been widely applauded, Giant Group has revealed its plans to open a factory in Hungary. This move is in a bid to continue the company’s expansion plans with the commencement of a 15 million EUR investment for the first phase. The project will occupy a 22-hectare facility; it is scheduled to open for business in 2019.

Giant Group has been managing its business in Europe for over 32 years, and the establishment of the second production facility marks an expansion that will bring more jobs and income to Hungary. Ms. Bonnie Tu, the Chairperson of Giant Group and Mr. Young Liu the CEO, met with the Deputy Minister of Foreign Affairs and Trade Mr. Magyar Levente on the 4th of July to break the news publicly. On the 5th of July, Ms. Tu and Mr. Liu presided over the groundbreaking ceremony of the new factory. It is located in Gyöngyös, a city in North Hungary, about 80km from Budapest.

Giant Global Group, a leading Taiwanese bicycle manufacturer, will be in charge of the HUF 15 billion project in Gyöngyös, according to the announcement made by the parliamentary state secretary at the Ministry of Foreign Affairs and Trade Magyar Levente. The production capacity of the new factory in Central Europe is expected to be one million bicycles annually.

In his statement, Magyar emphasized that the investment made by the Taiwanese firm is proof that the international communities have faith in the ability of the Hungarian labour market. According to the report published by the business news site vg.hu. The parliamentary secretary stated that a number of Asian companies had made notable investments in Hungary this year, in a follow up to the impressive achievements from 2017 when over 100 investors from all over the world brought their businesses worth almost EUR 4 billion to Hungary creating new jobs and increasing the capacity of the Hungarian industrial sector.

The new bicycle factory located at Gyöngyös will bring about a significant economic impact and the promotion of a lifestyle where bicycles are more frequently used as a means of transportation.

Regarding the high production number expected from the new factory, it is expected that there will be the exportation of bicycles to other Eastern European countries. This was confirmed in the statement made by Bonnie Tu, the Chairperson of Giant Global Group who further said that Europe had become a huge market due to the wide adoption of bicycles as a means of transportation. She hinted that Hungary was chosen as the host country for this project because of its strategic position at the center of the continent and the availability of an industrial base and the production capacity in Gyöngyös, made the city already known for its wine exports in Easter Europe the most suitable investment choice.

Giant Global Group, reputably the biggest manufacturer of bicycles in the world sells over five million units in more than fifty countries spread across the world. With factories in the Netherlands, China, and Taiwan, the new project at Gyöngyös, Northern Hungary is expected to increase its reach in Central Europe and global markets.