Finance Minister Mihály Varga said South Korea has become one of the largest investors in Hungary, with the three largest investment projects of the past years coming to Hungary from South Korea.
During the fourth meeting of the Hungarian-South Korean economic committee, Minister Varga said Hungary’s record growth last year is a good basis for nurturing those ties. Most investments in Hungary arrived from South Korea in 2021, and 260 companies employ some 20,000 people in the country, he said. SK Innovation is building its third battery plant in Hungary, the HUF 680 billion (EUR 1.8bn) investment will create 2,500 jobs, he said. The second and third largest investments, of ALG Chem-Toray (HUF 267bn) and EcoPro BM (HUF 264bn), are also connected to battery manufacturing, he said. Bilateral trade has grown by 28 percent in 2020 and 18 percent last year, he said. Exports outstripped imports in both years, he said.
Photo credit: Facebook/Varga Mihály