Hungary expects South Korean companies to beef up investments in H2

Hungary expects South Korean companies to beef up investments in H2
Minister of Foreign Affairs and Trade Peter Szijjarto with Ju Myung Hee South Korean Trade Minister
By bne IntelliNews July 27, 2020

South Korean companies are planning to invest several hundred million euros in Hungary in the coming months, Minister of Foreign Affairs and Trade Peter Szijjarto said during an official visit to Seoul on July 27.

Last year South Korea was the biggest foreign investor in Hungary overtaking Germany as South Korean battery makers invested heavily to set up manufacturing capacity in Hungary.

Hungary’s top diplomat met with South Korean Foreign Minister Kang Kyung-wha and Minister of Trade Yoo Myung-hee. He also held talks with executives of SK Innovation, Samsung SDI, Doosan Solus and Hankook Tire. All the companies have set up production bases in Hungary.

Samsung SDI is spending €1.2bn to expand its battery plant on the outskirts of Budapest. SK Innovation is building a HUF239bn battery plant in Komarom that will create about 2,500 jobs.

"These Korean companies are expressly satisfied with circumstances in Hungary, and especially appreciate the political stability, Hungarians' love of work, their competence and diligence and they especially appreciate Europe's lowest taxes, including the lowest corporate tax rate in Europe," Szijjarto said.

Bilateral trade between Hungary and South Korea reached $3.5bn last year.

 

Related Articles

Continental inaugurates CEE's largest vehicle test track in Western Hungary

German-owned automotive industry supplier Continental inaugurated Central Europe's largest vehicle test track in Veszprem, western Hungary, with a HUF10bn (€2.7mn) investment, creating 130 ... more

Wizz Air passenger numbers rise in August

Hungary's Wizz Air carried 2.38mn passengers in August, down 41% y/y as the pandemic continued to impact the travel industry, data released by the low-fare airline on September 3 show. Passenger ... more

Hungary to close borders to foreigners from September 1

Hungary will close its borders to foreigners from September 1, while Hungarians returning from a foreign country must produce two negative coronavirus (COVID-19) tests, 48 hours apart, to be exempted ... more

Dismiss