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Jul 28, 2020

FM: South Korea invests in Hungary

The foreign minister has revealed that hundreds of millions of euros are expected to flow into Hungary in investments from South Korea this year.

 

The foreign minister has revealed that hundreds of millions of euros are expected to flow into Hungary in investments from South Korea this year.

Speaking during an official visit to Seoul, Péter Szijjártó told MTI that several South Korean battery manufacturers have decided to set up plants in Hungary. These companies “appreciate Hungarian [business] environment, political stability and Hungarians’ commitment, expertise and diligence, as well as … the lowest corporate tax in Europe,” he said.

“Hungary is set to remain the flagship of European car manufacturing in a new era, that of electric vehicles,” the minister said. The investments will be distributed across the country in a way that will allow several regions to profit from them, he added.

The minister said trade between the two countries came to 3.5 billion dollars in 2019. Despite the “difficulties in the global economy”, Hungarian exports to South Korea grew by 35 percent in January-April this year, he added. South Korea replaced Germany as the top investor in Hungary in 2019, he said.

During the visit, Minister Szijjártó met his South Korean counterpart Kang Kyung-wha, and held bilateral talks with Trade Minister Yoo Myung-hee. He also met representatives of SK Innovation, Samsung SDI, Doosan Solus and Hankook Tire.

Photo credit: MTI