China’s BBCA Group will probably cancel its plans to build a citric acid factory in Szolnok as Hungary has not fulfilled its duties and has not made its required financial contribution, Napi Gazdaság reports.
BBCA is looking for an alternative location, possibly Miskolc or a site in Veszprém county, but possibly also Belgium.
The Ft 20 billion project was agreed between Prime Minister Viktor Orbán and his counterpart Wen Jiabao in May of last year. Joint venture vehicle BBCA Szolnok Biokémiai was founded last autumn.
However, Hungary has not provided the promised Ft 4 billion investment and has yet to grant the project VIP status.
“If no solution is found in the next few weeks then the project will be cancelled,” according to the head of the Szolnok industrial park, Imre Andrási.
The factory would process Hungarian corn to produce an annual 60,000 tons of citric acid, creating 1,000 jobs.