South Korea Key Investor in Hungary

Economy Global

Hundreds of millions of euros are expected to flow into Hungary in investments from South Korea this year, Foreign Minister Péter Szijjártó told MTI in Seoul.

Several South Korean battery manufacturers have decided to set up plants in Hungary, Szijjártó said during an official visit. These companies “appreciate Hungarian [business] environment, political stability and Hungarians’ commitment, expertise and diligence, as well as … the lowest corporate tax in Europe,” Szijjártó said. Hungary is set to “remain the flagship of European car manufacturing in a new era, that of electric vehicles,” he said. The investments will be distributed across the country in a way that will allow several regions to profit from them, he added.

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


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