Foreign minister: Hundreds of millions of euros to flow into Hungary from South Korea
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 on Monday.
Several South Korean battery manufacturers have decided to set up plants in Hungary, Szijjártó said during an official visit.
Read alsoForeign minister: Hundreds of millions of euros to flow into Hungary from South Korea
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.
Trade between the two countries came to 3.5 billion dollars in 2019, Szijjártó said. Despite the “difficulties in world economy”, Hungarian exports to South Korea grew by 35 percent in January-April this year, he added.
Read alsoForeign minister: Hundreds of millions of euros to flow into Hungary from South Korea
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.
Source: MTI
Not unusually, Szijjárto 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%.
Isle of Man doesn’t attract manufacturers, though.