Economic development minister Nagy meets South Korean execs

Hungary is counting on South Korean companies when it comes to battery manufacturing, Economic Development Minister Márton Nagy said after meeting executives of four South Korean companies in his office on Monday.

Nagy met Ecopro Global Hungary president Sun Dong Chang, Samsung Electronics Hungary president Daniel Sont, SK On Hungary managing director Hang Ki Moon and Samsung SDI Hungary VP Hyun Jung, his ministry said.

Hungarian industrial policy with a focus on the electronics industry and battery production was the focus of the talks.

Hungary is set to become the fourth-biggest battery maker in the world, after China, the US and Germany, with a capacity of 250 GWh, enough to meet 35 percent of demand in Europe, the ministry said.

South Korean companies formed the biggest group of investors in Hungary last year, ploughing around 1,100 billion forints (EUR 3bn) into the country.

Fully 260 South Korean-owned companies employ 20,000 people locally.

As we reported today, new memorial site for deadly Hungarian boat tragedy, details HERE.