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Jul 29, 2020

South Korean firm to invest in new medical equipment plant in Gödöllő

The foreign minister said the investment will create 55 jobs in its first phase, adding that the government is supporting the project with a HUF 1.3 billion non-refundable grant.

 

The foreign minister has revealed that South Korean biopharmaceutical company Samyang Biopharm is investing HUF 8.6 billion (EUR 24.9m) to build a medical equipment plant in Gödöllő.

Péter Szijjártó, Minister of Foreign Affairs and Trade, said the investment will create 55 jobs in its first phase, adding that the government is supporting the project with a HUF 1.3 billion non-refundable grant. The Gödöllő base will be the Samyang Group’s first European plant as well as the first South Korean pharmaceutical investment to be brought to Hungary.

Minister Szijjártó said the coronavirus pandemic had underscored the importance of capacities to produce medical equipment, adding that Samyang’s investment would reduce Hungary’s vulnerability “in difficult times”.

South Korean investments bring the highest technological standards to Hungary, the minister said, adding that they were based on extensive R+D and represented high value-added that could help advance the “dimensional shift” of the Hungarian economy.

The minister said South Korean companies continue to view Hungary as a favourable investment destination and business environment, adding that hundreds of millions of euros were expected to flow into Hungary in investments from South Korea over the coming months.

Photo credit: HIPA