Government continues to help S Korean companies invest in Hungary

South Korea has become one of the largest investors in Hungary, with the three largest investment projects of the past years coming to Hungary from South Korea, Finane Minister Mihály Varga said at the fourth meeting of the Hungarian-South Korean economic committee on Thursday.

The record growth of the Hungarian economy last year is a good basis to protect those ties, the finance ministry cited Varga as saying. Most investments in Hungary arrived from South Korea in 2021, and 260 companies employ some 20,000 people in the country, he said.

The three largest investments in the country over the past years are also South Korean,

Varga noted. SK Innovation is building its third battery plant in Hungary, the 680 billion forint (EUR 1.8bn) investment will create 2,500 jobs, he said. The second and third largest investments, of ALG Chem-Toray (HUF 267bn) and EcoPro BM (HUF 264bn), are also connected to battery manufacturing, he said.

• Read also: More investments came from the East to Hungary in 2021 than from the West

Bilateral trade has grown by 28 percent in 2020 and 18 percent last year, he said. Exports outstripped imports in both years, he said.

Varga and South Korean trade and industry minister Moon Sung-wook co-chaired the event.

The ministers agreed that Hungary continues to provide an investment-friendly business environment, well-trained work force and a competitive tax system for South Korean companies.

Read alsoBudapest-Seoul direct flights resume three times a week

Source: MTI