hungary south korea ties
Photo: MTI/KKM/Borsos M谩ty谩s

Hundreds of millions of euros are expected to flow into Hungary in investments from South Korea this year, Foreign Minister P茅ter Szijj谩rt贸 told MTI in Seoul on Monday.

Several South Korean battery manufacturers have decided to set up plants in Hungary, Szijj谩rt贸 said during an official visit.

seoul korea
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These companies “appreciate Hungarian [business] environment, political stability and Hungarians’ commitment, expertise and diligence, as well as … the lowest corporate tax in Europe,” Szijj谩rt贸 said.

Hungary is set to “remain the flagship of European car manufacturing in a new era, that of electric vehicles,” he said.

Trade between the two countries came to 3.5 billion dollars in 2019, Szijj谩rt贸 said. Despite the “difficulties in world economy”, Hungarian exports to South Korea grew by 35 percent in January-April this year, he added.

Soulbrain korea hungary
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South Korea replaced Germany as the top investor in Hungary in 2019, he said.

During the visit, Szijj谩rt贸 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.

Source: MTI

  1. Not unusually, Szijj谩rto has gone his facts wrong. Hungary has the lowest corporate tax rate within the EU. The lowest corporate tax rate in Europe is the Isle of Man which has a rate of 0%.

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