FUSION UL - Magnus Aircraft Zrt. - We have signed a pre-contract with China for a major investment

We have signed a pre-contract with China for a major investment

July 20th, 2022

We are pleased to announce that as part of Magnus Aircraft Zrt.'s Far East strategy, the newly established Jiangsu Magnus Aircraft Manufacturing Company - the Chinese subsidiary of Magnus Aircraft Zrt. - has signed a major investment pre-contract with the People's Government of Huishan District, Wuxi City, China, in the presence of the University of Óbuda and with the assistance of the Ministry of Foreign Affairs and Trade of Hungary.

In the preliminary agreement, the parties laid down the strategic elements of cooperation and assured their commitment to the industrial cooperation between the two countries and to the improvement of Chinese aviation.

The contract is a major milestone in the company's strategy to enter the Far East market for its products and in the history of Magnus Aircraft Ltd. The objective of the participants is to create a large-scale business environment in which Jiangsu Magnus Aircraft Manufacturing Company will become a dominant aircraft manufacturing corporation in the Chinese market.

The pre-contract for the major investment will be based on a showroom, three production units (composite, aircraft assembly and maintenance) and a development centre (China-Hungary High-Tech Development Centre), for which a letter of intent has been signed by the University of Óbuda.

The objective of the Centre is to create an effective community supporting the priority industries of the Chinese and Hungarian markets (such as aviation, energy, construction, railways, etc.), facilitating business communication, technological change and the implementation of new innovation and business projects, as well as the free movement of high-tech technologies, equipment, experts and talents in related industries between the two countries.

The completion of the entire project will be a unique milestone for the Hungarian aerospace industry and for cooperation between the two countries.