The foreign minister has announced that South Korean-owned Hanon Systems Hungary is investing HUF 18 billion (EUR 52.0m) into expanding capacity at its plant manufacturing climate systems for electric cars.
Péter Szijjártó, Minister of Foreign Affairs and Trade, said the government is supporting the investment with a HUF 4.6 billion grant. The investment will create 40 jobs, pushing the number of Hanon employees in Hungary over 2,000.
Minister Szijjártó said the foreign ministry had the opportunity to announce three investments with a total value of HUF 96 billion on Monday alone, a sign of the successful relaunch of the economy. He called South Korean companies important investors and good partners in developing technology. Bilateral trade volume jumped by 28 percent last year, followed by a 25 percent growth in the first quarter of 2021.
Meanwhile, South Korea is among the five largest investors in Hungary. The minister said that besides Hungary’s successful inoculation campaign and its economic policy focusing on job creation, the relaunch of the Hungarian economy has also been successful thanks to the country’s strengthened ties with the Far East, which is increasing its influence in the world economy.